Jan 18, 2011

Rig Tenders to pay US$25 mio debts

Barging and vessel operator PT Rig Tenders Tbk (RIGS) provides US$25 million to pay its debt to two creditors Oversea Chinese Banking Corporation Ltd, Singapore, and Rabobank International, Singapore.
RIGS President Director Dick S. Sapi'ie said the US$25 million payment will be taken from loan facility of US$125 million which is currently under negotiation.
"We have scheduled to draw down the facility before submitting the second filing of rights issue," he said in the prospectus published yesterday.
Of US$125 million, about US$100 million will be allocated to bankroll acquisition of affiliated company. Adding to that, the company plans to acquire 100% shareholding of Scomi Marine Services Pte Ltd in four different subsidiaries CH Logistics Ptd Ltd, CH Ship Management Pte Ltd, Goldship Private Limited, and Grundtvig Marine Pte Ltd. Scomi is parent company of Rig Tenders with 80.54% shareholding.

Disclosure: No position at the stock mentioned above.  

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