Trada obtains Rp 3.13t loan to finance acquisition
Thursday, November 23 2017 - 07:29 AM WIB
IDX-listed PT Trada Alam Minera Tbk announced on Thursday it had on November 21 signed a lending agreement worth Rp 3.13 trillion with UOB Kay Hian Credit Pte Ltd.
?The fund from the loan facility will be used to acquire 49.90 percent shares in PT SMRU Tbk owned by PT Lautan Rizki Abadi,? Trada said in a statement, but did not provide further details.
Trada, formerly known as PT Trada Maritime Tbk, announced in October it was changing its name into PT Trada Alam Minera as it was shifting its core business into mining sector.
The company is in the process of acquiring 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 said it 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.
Total funds required for the acquisition program is estimated at around Rp 6 trillion. Trada said at the time it would launch rights issue to help finance the acquisition and to seek borrowing from UOB Kay Hian.
Editing by Reiner Simanjuntak