Golden Energy (GEMS) Subsidiary Secured up to USD 7.5 Million Loan

Jakarta,- Two subsidiaries of PT Golden Energy Mines Tbk (GEMS), namely PT Borneo Indobara and PT Barasentosa Lestari, obtained loans from Indonesia Eximbank / Indonesian Export Financing Agency (LPEI). The two GEMS subsidiaries won loans with a total limit of USD 7.5 million.

On Monday (19/2), the Indonesian Export Financing Agency and Borneo Indobara signed Credit Agreement No. 12 dated February 19, 2024. The type of loan facility obtained is working capital credit, with a maximum loan limit equivalent to USD 5 million.

The term of this loan is for 12 months. Borneo Indobara will use this loan as additional working capital.

Then, Barasentosa Lestari signed Credit Agreement No. 13 dated February 19, 2024, where Barasentosa Lestari received a working capital credit facility with a maximum limit equivalent to USD 2.5 million.

The term of this loan is for 12 months. Barasentosa Lestari will use this loan as additional working capital.

GEMS Corporate Secretary Sudin Sudirman said that this loan could support GEMS’ growth and operational performance.

“This loan strengthens GEMS’ financial condition due to additional working capital facilities and has a positive impact on GEMS’ business continuity,” Sudin wrote in an information disclosure on the Indonesia Stock Exchange on Wednesday (21/2).

The mining company affiliated with the Sinarmas Group is aiming to increase coal production performance in 2024. This year, GEMS targets to produce 50 million tons of coal.

In comparison, GEMS’ coal production reached 46 million tons in 2023. This exceeded the target of 40 million tons. This year, GEMS has prepared a capital expenditure of USD 60 million, up from USD 46 million last year.

Sources : Feb 28.24

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