Coal mining company PT Borneo Lumbung Energy Tbk realize immediate payment on the purchase of shares owned by PT Bumi Plc Bakrie & Brothers Tbk and Long Haul Holdings Ltd. Issuers with BORN trade code had to obtain approval from shareholders to get a loan of U.S. $ 1 billion or about Rp9 trillion more than the Standard Chartered Bank.
"Tomorrow we pay to Bakrie & Brothers," said Managing Director of Borneo, Samin Tan, general meeting of shareholders after extraordinary (EGM) at the Four Seasons Hotel, Jakarta, Friday, December 30, 2011.
Earth Plc is a mining company listed on the London Stock Exchange and has investments in PT Bumi Resources Tbk, PT Berau Coal Energy Tbk, and PT Bumi Resources Tbk Minerals, either directly or indirectly. Before you buy Borneo, Bakrie & Brothers and Long Haul Holdings Ltd controls 47.6 percent stake in Bumi Plc.
Samin said that plan loan sanctioned finally smooth. The debt will be used to take over the company's 23.8 percent stake in Bakrie & Brothers on Earth Plc listed on the Stock Exchange of London. To Standard Chartered, Borneo pledging of assets in the form of a 100 percent stake in two subsidiaries. Guarantee the value of more than U.S. $ 2 billion.
Loans from foreign banks is ensured by 5.65 percent interest rate above the London Interbank Offered Rate (LIBOR), with a loan term of 5 years.
Previously, this EGM was delayed because it has not had an effective statement of the Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK), so that funding from Standard Chartered also restrained.
In the EGM, the president also agreed turnover of Samin Tan told Alexander Ramley. Alexander's previous career in banking and investment sectors. One of them at Ancora Capital.
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