Leighton sells down KPC loan
Monday, January 12 2004 - 12:21 AM WIB
Australian top mining contractor Leighton Holdings Limited announced on Monday that it had sold US$ 30 million out of $ 40 million fund it loaned to coal producer PT.Bumi Resources Tbk to unnamed international financier.
The company said the move was part of the group’s management on financial exposure.
In October 2003, Thiess Pty.Ltd, a wholly-owned subsidiary of Leighton loaned $40 million to Bumi as part of a $405 million facility to help finance the acquisition of East Kalimantan coal producer PT. Kaltim Prima Coal (KPC), and was awarded $1.7 billion new contract mining work in KPC and PT. Arutmin Indonesia, which is also controlled by Bumi.(alex)