JAKARTA: PT Apexindo Pratama Duta Tbk, a subsidiary of PT Mitra International Resources Tbk, plans to pledge its assets in order to seek financing.
This was revealed from the announcement in the companys extraordinary general meeting of Shareholders (RUPSLB) PT Bursa Efek Indonesia, today.Beside plegging its assets, the company will also seek approval from its shareholders, i.e. Apexindo Offshore Pte Ltd, to conduct re-purchase agreement transactions (sale and leased-back) with a finance company.In addition, the company also requested approval for the company's plan to distribute an extraordinary dividend to its shareholders.The former listed APEX-coded stock is an oil and gas drilling contractor. The stock code was removed from the exchange board due to its listing with the parent company, Mitra Resources, considered inefficient for the exchange.It was considered inefficient due to Apexindo revenues that supporting Mitra Resources revenues was higher than the portion that is considered reasonable by the stock exchange.Apexindo was formerly a subsidiary of PT Medco Energi Internasional Tbk, which then acquired by Mitra Resources, formerly known as PT Mitra Rajasa Tbk.Apexindo has six operating subsidiaries namely PT Antareja Jasatama, Apexindo Asia Pacific BV, Apexindo Khatulistiwa BV, Apexindo Offshore Pte Ltd, Apexindo Raniworo Pte Ltd, and PT Apex Landrig Indonesia. (t06/wiw)
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