Nov 14, 2011

Indo Straits seals US$35 mio loan

PT Indo Straits Tbk (PTIS) has secured a US$35 million loan facility from PT Bank Permata Tbk (BNLI).
In a press statement filed to Indonesia Stock Exchange, the facility will be used by Indo Straits to support capital expenditure program for the next 2 years.
The company plans to acquire or make loader ship to expand its market share. It also aims to put investment into tug boat facilities.
Indo Straits, in September, also obtained a contract of transhipping a minimum quantity of 2,40 million tons coal over an initial period of 6 months.
The contract, which will tentatively commence in September 2011, takes place at coal mine in Satui, South Kalimantan. The arrangement also allows for option for another 6 month contract extension following the end of the initial 6 months period.
"This is an excellent milestone for Indo Straits given that Arutmin Indonesia has been a long-standing esteemed client for our marine engineering division," said Indo Straits.

Disclosure: No position at the stock mentioned above.  

Print This Article

No comments: