Oct 19, 2011

Ancora grabs US$25 million loan

PT Ancora Indonesia Resources Tbk (OKAS), a resources and explosive maker that is founded by stellar figure investment banker Gita Wirjawan, has sealed a US$25 million loan facility from Standard Bank Plc.
The facility will be used by Ancora to underpin a proposed takeover on a coal miner PT Raja Kutai Baru Makmur.
Ancora Energy, parent company of OKAS, is a controlling shareholder of 58% stake in Raja Kutai. 
According to Director Aulia S. Oemar at OKAS, as quoted by Kontan daily today, the company will use US$3 million as working capital and the remaining is intended to proceed the acquisition.
Raja Kutai is a holder of coal mining permit on 8,500 hectares. So far, the company has explored 550 hectares. In a month, it sells 30,000 tons-50,000 tons.

Disclosure: No position at the stock mentioned above.

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