JAKARTA (Yosefardi) – Shares of PT Borneo Lumbung Energi & Metal Tbk (BORN) jumped 4.5% to Rp230 per share this morning on news the company has extended its loan.
The stock however has fallen 59% from its peak year to date.
Media reported this morning, BORN’s unit, PT Asmin Koalindo Tuhup (AKT), has extended its short term loan facility amounting US$350 million to October 31, 2013. The loan is provided by First Gulf Bank.
As of JUne 2013, BORN’s internal cash only reached US$181.94 million. It suffered loss of Rp111.04 billion in first half of this year on net sales of Rp153.5 billion.