Jan 17, 2012

ABM Investama pays Rp344 bio debts

Energy integrated company PT ABM Investama Tbk, controlled by Hamami family, has made a Rp344 billion early payment of its debt to Bank DBS Singapore and Bank Permata. 
The company has paid a US$13 million or Rp119 billion to Bank DBS Singapore and Rp225 billion to Bank Permata today, said ABM President Director Andi Djajanegara in an official statement today as quoted by Bisnis.com.
He said the early payment is aimed to put down the loan's interest rate and improve capital structure of the company. "In return, we can optimize our cash to strengthen business position in our subsidiaries," he said.
ABM Investama is a company under Tiara Marga Trakindo Group (TMT Group). ABM has used the IPO proceed of Rp2.1 trillion to pay the debts.
"As we mentioned earlier, we will use 24% of the proceed to pay debt to two institutions," he said. 
About 70% of the IPO will be used by ABM Investama to underpin its expansion in subsidiaries and the remaining is allocated for working capital. 
ABM Investama owns and operates coal miner dubbed Reswara Minergi Hartama that develops concession in Kalimantan and Aceh. Coal production last year was 2.7 million tons, an increase from 4.5 million tons-5.5 million tons this year. 

Disclosure: No position at the stock mentioned above.

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