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J Resources pledges 51% shares as collateral for loans received

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JAKARTA (rambuenergy.com) – PT J Resources Asia Pasifik Tbk [PSAB] said it has pledged 51 percent of the company’s shares as colaterals for the loans amounting to US$275 million that it has secured.

In a filing to the Indonesia Stock Exchange, the company said the shares were pledged on Feb 6,2015. The pledging of the shares was part of the loan syndication agreement with Indonesia Eximbank, Qatar National Bank SAQ, Bank QNB Kesawan, Bank Permata and Bank ICBC.

The loans consist of three tranches, tranche A worth US$200 million, tranche B US$50 million and tranche C US$25 million.

The loans worth US$275 million were secured in November 2013. The loans were received by J Resources and its subsidiaries, namely PT J Resources Bolaang Mongondow (JRBM), PT Sago Prima Pratama, J Resources Netherlands BV, J Resources Gold (UK) Limited and Specific Resources Sdn Bdn.

Of the loans, JRBM used US$50 million to develop Bakan project, while Sago Prima uses US$50 million to develop Seruyung project.

 

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