Oct 6, 2010

Harum Energy & US$120 m standby loan

Publicly listed coal company PT Harum Energy Tbk (HRUM) enables to use standby loan facility US$120 million and US$10 million cash obtained from IPO to bankroll its spending, including for acquisition.
Harum Energy President Director Ray Gunara said the company's outstanding revolving facility from DBS Bank reaches US$120 million.
"We have drawn US$80 million of the revolving in June," he said today at Indonesia Stock Exchange.
The company today disposes 500 million shares into the stock market in a bid to snap Rp2.60 trillion cash or Rp5,200 per share.
Of the total proceed raised from the IPO, Harum's founder PT Karunia Bara Perkasa sold 300 million shares, grabbing Rp1.56 trillion cash, while Harum issued 200 million shares worth Rp1.04 trillion.
As of the first quarter of this year, Harum booked Rp894.7 billion revenue from last year's level of Rp4.60 trillion.
Post IPO, Karunia Bara Perkasa controls 81.39% stake in Harum, PT Bara Sejahtera Abadi owns 0.09%, and the public shareholders hold 18.52%.
Disclosure: No position at the stock mentioned above.

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