ID :
19794
Tue, 09/16/2008 - 19:46
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Shortlink :
https://www.oananews.org//node/19794
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ENERI MEGA SECURES $450 M IN LOANS
Jakarta, Sept 16 (ANTARA) - Publicly-listed oil company PT Energi Mega Persada Tbk (ENRG) has secured US$450 million in loans from Credit Suisse to repay its maturing debts, expand investment and strengthen its working capital.
"We got the loans through our subsidiary, EMP Holdings Singapore Pte Ltd," ENRG President Director Christian V Ponto said in a press statement on Tuesday.
The ccmpany would use US$260.75 million or 57.9 percent of the loans to restructure its debts, he said adding US$152.75 million of the figure would be used to settle its debts with Credit Suisse and US$108 million to settle its debt with PMA Capital Management Limited.
The remaining US$189.25 million would be used to finance the company's exploration activities and strengthen its working capital, he said.
"We believe the loans are enough to settle all of our maturing debts and expedite production," he said.
He said the company's ratio of net debts to equities rose to 88 percent from 69 percent in the first semester of 2008. "The figure is considered too low and can be well overcome," he said.
ENGR saw a 100 percent surge in its sales to Rp889 billion in the first half of 2008 from Rp444.19 billion in the same period last year on the back of a 65 percent rise in oil price to US$104 a barrel and a rise in oil and gas production to 24,600 ton a day from 24,400 tons a day.
After all, the company's net profit in the first semester of 2008 fell 40.97 percent to Rp77 billion from Rp130.5 billion a year earlier.
"We got the loans through our subsidiary, EMP Holdings Singapore Pte Ltd," ENRG President Director Christian V Ponto said in a press statement on Tuesday.
The ccmpany would use US$260.75 million or 57.9 percent of the loans to restructure its debts, he said adding US$152.75 million of the figure would be used to settle its debts with Credit Suisse and US$108 million to settle its debt with PMA Capital Management Limited.
The remaining US$189.25 million would be used to finance the company's exploration activities and strengthen its working capital, he said.
"We believe the loans are enough to settle all of our maturing debts and expedite production," he said.
He said the company's ratio of net debts to equities rose to 88 percent from 69 percent in the first semester of 2008. "The figure is considered too low and can be well overcome," he said.
ENGR saw a 100 percent surge in its sales to Rp889 billion in the first half of 2008 from Rp444.19 billion in the same period last year on the back of a 65 percent rise in oil price to US$104 a barrel and a rise in oil and gas production to 24,600 ton a day from 24,400 tons a day.
After all, the company's net profit in the first semester of 2008 fell 40.97 percent to Rp77 billion from Rp130.5 billion a year earlier.
