JAKARTA (Yosefardi) – PT Golden Energy Mines Tbk (GEMS) provided loans of US$30 million to Asia Coal Energy Ventures Limited (ACEV), used to acquire shares of Asia Resources Minerals PLC (ARMS).
The loan has tenor of 3 months with extension period of 6 months and carries annual coupon of 10%.
ACEV, supported by Sinarmas Group, has installed Kin Chan, Dwi Suseno, and Fuganto Widjaja as new directors of ARMS, controlling shareholder of the debt-ridden PT Berau Coal Energy Tbk (BRAU).