MNK signs loan addendum with Permata Bank
Tuesday, April 16 2013 - 06:03 AM WIB
IDX-listed firm PT Ancora Indonesia Resources announced on Tuesday that its 50 percent owned blasting services unit PT Multi Nitrotama Kimia (PT MNK) has signed loan addendum with PT Bank Permata Tbk amounting to a total of US$75,000,000.
The loan addendum consists of Commercial Invoice Financing-1 Facility amounting to US$21,500,000; Term Loan-2 Facilityof US$4,500,000; and Commercial Invoice Financing-2 Facility reaching US$49,000,000.
The loan facility given to MNK is a direct loan from the bank.
MNK is a trader and producer of Ammonium Nitrate, an essential ingredient used in mining explosives) and provides explosive services for mining companies.
MNK claimed to be the market leader in Indonesia, servicing most of the big Indonesian mining companies, currently the only producer of Ammonium Nitrate in Indonesia, with a capacity of 37,000 tons, aiming to expand the capacity to 137,000 tons to meet growing market demand.
Editing by Er Audy Zandri