Jan 19, 2012

Keramika Asosiasi to pay US$86 mio debt

KIA ceramic maker PT Keramika Indonesia Asosiasi Tbk (KIAS) aims to settle a US$86.5 million debt to United Overseas Bank Limited, Singapore.
The loan facility, which will due in June this year, has been received by the company and its subsidiary dubbed PT KIA Serpih Mas and PT KIA Keramik Mas.
Keramika Indonesia will use proceed from rights issue of 6.74 billion shares or 44.44% of its enlarged capital.
As quoted by Bisnis Indonesia today, Keramika Indonesia plans to rights issue at the price range of Rp123-Rp135 a share with a maximum total proceed of Rp910 billion.
Keramika Indonesia will use 86.7% of the proceed to refinance its debt and the remaining is for working capital.
During the rights issue, SCG Building Materials Co Lyd, Thailand which is a majority shareholder of Keramika Indonesia as well, will pose as the standby buyer.

Disclosure: No position at the stock mentioned above.

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