JAKARTA: PT Ancora Indonesia Resources Tbk plans a rights issue in the middle of this year to raise US$15 million or IDR135 billion to acquire PT Raja Kutai Baru Makmur (RKBM).Ancora Resources President Director Dharma Djojonegoro said they plan to purchase RKBM for US$12 million while the remaining US$3 million will be used as their working capital.We have appointed PT Sucorinvest as our rights issue underwriter. PT Ancora Resources is our stand-by buyer to manage our major shares. We eye 58% of RKBM's total share, as he said, today.The company, he continued, will seek for shareholders' approval during Extraordinary General Meeting of Shareholders (EGMS) on the rights issue plan and RKBM's acquisition.The shares in RKMB that Ancora Indonesia will buy belong to Ancora Resources, its majority shareholder.To purchase RKBM, we will conduct independent appraisal as the transaction is categorized into material transaction and conflict of interest.Through 2010, RKBM successfully produced coal of 5,500 kcal with an average of 75,000 ton per month or 450,000 tons until the end of December 2010. For 2011, the East Kalimantan-based company is targeting toproduce 1.2 million tons. Capital ExpenditureAncora Indonesia Finance Director Aulia Oemar informed they will allocate US$20 million for 2011 capital expenditure (capex). Most of the cash will be used to establish an ammonium nitrate plant for their subsidiary, PT Multi Nitrotama Kimia.Most of it will come from banks and the remaining is from internal cash. We still saves untapped loan facility worth US$12 million from Bank Permata of the total US$37 million. We also have a revolving working capital facility from the bank worth US$13 million, said Aulia.Until the end of 2010, Ancora Indonesia's unaudited revenue was recorded at IDR1.3 trillion and IDR165 billion for EBITDA. The numbers were higher than IDR1.2 trillion and IDR147 billion for EBITDA last year.
As for this year, management is targeting IDR1.7 trillion revenue and IDR300 billion for EBITDA. (T05/NOM)
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