Trada Maritime changes name as it enters mining sector

By Thomas Sembiring

IDX-listed shipping firm PT Trada Maritime Tbk has changed its name into PT Trada Alam Minera Tbk as the company diversifies into mining sector.

The name change was approved during a shareholders meeting on Thursday, which also saw a management reshuffle.

Soebianto Hidayat, who was appointed as the new President Director of Trada, said the company is set to acquire 99.9 percent shares in PT Semeru Infra Energi (SIE) and PT Black Diamond Energi (BDE), which own coal mining firm PT Gunung Bara Utama (GBU), which operates a 5,350 ha coal concession in Kutai Barat Regency, East Kalimantan Province. The mine has reserves of 64.85 million tons, and resources of 264.04 million tons, with calorific value of 5,200 Kcal ? 5,400 Kcal/kg ARB.

Trada will also acquire PT Lautan Rizki Abadi (LRA), the majority owner of PT SMR Utama (SMRU). By acquiring LRA, Trada will become an indirect owner of mining contractor PT Ricona Abadi, a subsidiary of SMRU.

Soebianto said that total funds required for the acquisition program is estimated at around Rp 6 trillion. Trada plans to launch rights issue to help finance the acquisition and to seek borrowing from UOB Kay Hian.

?The transaction is expected to be the first step for us in implementing growth strategy,? said Soebianto, who replaces Ismail Mahruf as company president director.

Meanwhile, Ismail was repositioned as company director. The company also appointed Irwandi Arif as independent director, while Asnita Kasmy, who was previously a director changed position into corporate secretary.

Editing by Reiner Simanjuntak