JAKARTA (TheInsiderStories) – Indonesian gold miner, PT J Resources Asia Pasifik Tbk (IDX: PSAB) has raised Rp650 billion (US$44.83 million) from bond issuances on July 30, said the company today (08/07). The notes consist of Series A with a tenor of 370 days and Series B with a tenure three years.
The management said, Series A with a principal amount of Rp335 billion have a coupon interest of 9.25 percent per year. Then, Series B worth of Rp315 billion with interest rate 10.25 percent.
In addition, the company also announced its unit, PT J Resources Nusantara (JRN), has successfully paid off Medium Term Notes with valued of Rp500 billion on the due date, which is August 4. On August 4, 2017, the subsidiary assisted by PT BCA Sekuritas issued the notes with a term of three years and an interest of 11.05 percent.
Last year, the miner has issued a bond with total amount Rp500 billion with a fixed interest rate of 10.5 percent per annum and have a tenure of three years. PT Pemeringkat Efek Indonesia assigned an idA rating to the bond with the guarantor PT BNI Sekuritas.
The proceeds from the bond issuance used by J Resources to pay debtto its related parties, PT Bukit Makmur Widya. Early of 2019, the company announce to issue 2.64 billion new shares or 9.09 percent of its capital through private placement scheme to raises Rp543 billion. The planned has get approval from the shareholders on Feb. 26, 2019.
But, the planned it will most probably stumble with Indonesia Stock Exchange regulation about minimum free-float shares. Recently, the issuer’ public shares is 7.5 percent. The current regulation obliges listed-company to have minimum 7.5 percent public shares. No further information on this program.
Last year, the miner has build two gold mines, namely the Pani mine in Pohuwato Regency, Gorontalo Province and the Doup mine in Bolaang Mongondow Regency, North Sulawesi Province. According to J Resources director Edi Permadi, part of the sources funds for the projects comes from the bond issuances.
The gold miner an Indonesia-based holding company listed on the Indonesian Stock Exchange that operates, mines, explores, and invests in the gold mining sector through J Resources Nusantara. The company currently owned four operating mines in Indonesia and Penjom Mine in Malaysia.
J Resources activities includes mining and quarrying, processing industry, wholesale and retail trade, construction, transportation and warehousing, and agriculture, forestry and fisheries. The company started its commercial business on May 1, 2002. The largest shareholder of the mining firm is Jimmy Budiarto with ownerships 92.50 percent.
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