JAKARTA (Indonesia Today) – Share price of Borneo Lumbung Energi (BORN) soared 9.8% Wednesday (Sept 19) morning following reports that the company will divest 20% shares in subsidiary Asmin Koalindo Tuhup for US$560 million.
Kontan business paper reported this morning that BORN has signed MoU with South Korea’s POSCO for the divestment of 20% shares in Asmin Koalindo.
The paper speculated that proceeds from the divestment will be used to finance portion of US$1 billion loan from Standard Chartered.
BORN shares have been under pressures in recent months following downfall of Bumi Plc and coking coal prices in the world market. (bintang@theindonesiatoday.com)
Further Reading: Borneo Lumbung & POSCO at Yosefardi.com.
