Trada Maritime to buy Awesome Coal convertible bond
Wednesday, September 7 2011 - 10:40 AM WIB
PT Trada Maritime Tbk, a listed shipping line company, has signed a memorandum of understanding with Zakia Ltd to purchase convertible bonds issued by Zakia affiliated firm PT Awesome Coal, Trada said in a statement to the Indonesian Stock Exchange.
Trada however did not disclose the value of the planned convertible bond purchase.
Zakia Ltd is a company established in United Arab Emirates (UAE), while PT Awesome Coal is an Indonesian company. Awesome Coal holds 99.99 percent stakes at PT Batu Kaya Berkat, which in return owns 99.89 percent of PT Gunung Bara Utama.
Gunung Bara has obtained mining operation permit (IUP) on November 3, 2009 to conduct mining activities at Mantar, Damai in West Kutai regency, East Kalimantan province.
The convertible bond purchase is pending approval from Trada Maritime?s shareholders at the coming extraordinary shareholders meeting (RUPSLB). (romel/roffie)