PT Sims secures $3.5 million loan from Citibank
Thursday, March 22 2012 - 04:02 AM WIB
A mining contractor PT Sims Jaya Kaltim, a subsidiary of PT Samindo Resources Tbk (formerly known as PT Myoh Technology Tbk) said that the company had obtained loan worth US$3.5 million from Citibank N.A.
PT Sims Jaya said that the agreement for the 12-month loan was signed on March 12. The company, however, did not explain how it would use the loan.
The company, which operates as a mining contractor, reported in early January this year that it had also secured US$3 million loan from Korean Exchange Bank Indonesia (Bank KEB). The short-term loan facility would mature in three months and would be used to buy excavators from PT Trakindo Utama).
The company said it would spend up to US$20 million in capital expenditure this year. About $8 million will come from the company?s internal funds and the rest is expected to be raised from a right issue.
PT Sims Jaya Kaltim carries out mining operation in Kideco Jaya Agung;s coal mines in North Roro and Sungai Paku, Kalimantan. According to Sims Jaya?s website, it has 12 units of excavators, 76 dump trucks, 19 bulldozers and 13 motor graders.
Editing by Benget Besalicto Tnb.