Bukit Asam accept Loan Commitment from China 07 November 2011
Jakarta (IFT) - PT. Bukit Asam Tbk (PTBA) , a state owned coal mining company, will soon accept such a loan commitment from four banks from china for the train network project built by PT.Bukit Asam Transpacific Railway. The company will be signed the facilities this month, said The Corporate Executive.
Sukrisno the CEO of PT. Bukit Asam said that the project has an investment value of US$ 1.8 Billion. But the commitment number is still undisclosed, the clear fact is that the funding is needed to starting the project development.
“We intended to start the project first because the groundbreaking schedule needs to run immediately due to the regulations that role Bukit Asam to work on connected mines less than two years.” Said him , on last Tuesday.
He mentioned that, though the current global condition is not very good, the train network project development to the coal transportation needs have still continued. “This is a prospective project” Stated him.
Bukit Asam planned to increase its ownership to The Bukit Asam Transpasific Railway from 10% to 30%. The company will buy 20% of stocks ownership from The Transpasific Railway Infrastructure, a company owned by Rajawali Group.
The company will be using it saving deposits for the acquisition. “For the transaction, we pointed to Pricewaterhouse coopers as our financial consultant.” Said Sukrisno
Transpasific Railway currently owned 80% Bukit Asam Transpasific’s stock, while the rest stocks about 10% is owned by China Railway Group ltd, a china state-owned company. Bukit Asam Transpasific will build railway to the coal transportation about 307km. The railway will went across Bangko Tengah mines at Tanjung Enim Sumatera Selatan, to Tarahan Lampung.
This Transpasific Railway Project is targeted to be commercially operated on 2014 with the loading capacity to up to 47 million tons. The company is currently used the railway which the loading capacity is in improvement to become 22.7 tons annually by year 2014.
This year Bukit Asam is targeting to increase the sales volume to 31% or about 16.9 million tons. The company is also targeted the increase in the production volume to 34.3% or about 17.6 million tons compare to the last year amount 13.1 million tons.
Sukrisno stated that the company’s production capacity are actually has reach to 25 million tons, but unluckily, only 60%-70% are has transported because of the limitation in transportation infrastructure.
Bukit Asam recently also received loans amount US$ 219.78 million from PT, BNI Tbk (BNI) to The Condensation Power Plant Project in Mine Entrance Banjarsari, Lahat Sumatera Selatan.
According to The Research Department of IFT, this new loan will not burden and interfere to the company’s liquidity. Referring to the Balance on the 1st Semester of 2011, the credit facility from BNI has made Bukit Adam’s debt to equity ratio/DER) increase 0.83 times from 0.56 times. (exchange: 8.700 rupiahs per US $). The same condition is also happened to the debt ratio which is increase from 0.24% to 15.2%. Though the ratio has increased, those numbers are showing the leverage of the company is still low down. Thus, the company will still can use the external funding to cover the needs of other project, incluce The Transpasific Railway project.
By : Agung Budiono dan Vicky Prandjaya