Sep 28, 2010

Agis secures US$150 mio from GEM

Publicly listed PT Agis Tbk (TMPI) has secured US$150 million loan facility from Switzerland-based
investment company Global Emerging Market (GEM). The facility will be used by Agis to expand business into mining sector.
Referring to a formal press statement obtained by Bisnis today, Agis Director Steven Kesuma said the approval from GEM on Agis expansion to mining sector is attached to memorandum of understanding.
"In upcoming weeks, Agis will implement the agreement in a bid to bid target companies," he said.
But, he didn't disclose the target companies.
GEM has secondly provided loan facilities to Agis to support its business expansion. Previously, Agis secured IDR200 billion loan from GEM. In return, these investment company has an option to swap the debt into Agis shares.
As interest payment, shareholders gave approval to Agis to do 500 million warrants issuance in the first stage from a total of 1 billion warrants.

Disclosure: No position at the stock mentioned above.

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