Golden Energy signs $30m loan agreement with Bank Mega
Friday, May 13 2016 - 02:15 PM WIB
IDX-listed energy firm PT Golden Energy Mines (GEM) announced on Friday that its subsidiary, PT Borneo Indobara (BIB), signed a loan agreement with IDX-listed PT Bank Mega Tbk on May 11, 2016.
Under the deal, BIB will receive up to US$30 million in demand loan from Bank Mega. The loan will be used as working capital by BIB
The firm also said that on the same day, it signed an addendum to the credit agreement document with the bank. Pursuant to the addendum, the firm will receive an additional credit facility of up to $10 million from Bank Mega.
The loan will be used to support the firm?s working capital.
BIB operates mines in South Kalimantan. Another GEM subsidiary, PT Kuansing Inti Makmur (KIM), operates mines in Jambi.
Editing by Johannes Simbolon