INCO SHAREHOLDERS OKAY REVOLVING CREDIT FACILITY ACCORD WITH VALE INT'L

Jakarta, April 20 (ANTARA) -- Shareholders of PT International Nickel Indonesia Tbk (PT Inco) at an extraordinary general meeting on Friday (April 17) approved a Short-Term Revolving Loan agreement to be entered into with Vale International SA.

Vale International SA would make available a credit facility of up to US$250 million to the Inco to increase its working capital, a press statement of PT Inco said here on Monday.
Meanwhile, it was earlier reposted that PT Inco decided at a shareholders' meeting here on Friday (April 17) not to pay cash dividends for the 2008 fiscal year on declines in corporate performance and the nickel price.
The company's performance in 2008 dropped with sales of its product down 44 percent to US$1.3 billion and its net profit down 69 percent to US$359.32 million.
The meeting also decided to change the personnel in its boards of directors and commissioners, following the resignation of INCO director Eddi A Arsyad since early this month and the end of the office term of INCO director Ricardo Saad soon. Ricardo will not be placed as director again while another INCO director, Ciho D Bangun, whose term of office would also end would be appointed again as corporate director.