Trada plans rights issue to acquire coal mine
Friday, August 25 2017 - 05:41 AM WIB
IDX-listed shipping and marine transportation services firm PT Trada Maritime Tbk said it plans to launch rights issue to raise funds to finance the planned acquisition of East Kalimantan coal mining firm PT Gunung Bara Utama (GBU).
Trada said in a statement Thursday that appraisal and due diligence processes are still in progress to help determine the acquisition value. It did not provide further details.
As has been previously reported, Trada had signed a MoU on July 27 with GBU shareholders, under which the former will indirectly acquire 100 percent of the latter firm.
GBU operates a 5,350-ha coal concession in Dumai, West Kutai Regency, and has already been in production. The current ultimate shareholders of GBU are PT Semeru Infra Energi and PT Black Diamond Energi.
Trada, which in the past had provided tug-and-barge services for GBU, said that the acquisition of GBU is expected to help improve the company?s financial performance amid rising price of coal.
Editing by Reiner Simanjuntak