Coal Company Owned By Conglomerate Hary Tanoe Ensures Negative Equity Becomes Positive Next Month, Value More Than 100 Million US Dollars

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. MNC)

JAKARTA - The coal mining company owned by the conglomerate Hary Tanoesoedibjo PT MNC Energy Investments Tbk (IATA) is optimistic that the company's equity will be positive in the near future. This is related to the corporate action plan in the form of issuing new shares.

Head of Investor Relations MNC Energy Natassha Yunita said that currently the company's negative equity is temporary due to the consolidation of the financial statements of PT Bhakti Coal Resources (BCR). "Next month, the company's equity will be positive after completing the process of issuing new shares," said Natassha in a statement, Friday, June 3.

MNC Energy assumes the acquisition of fresh funds of 200 million US dollars from the issuance of the new shares. In this way, the company's equity will be in a surplus of up to 100 million US dollars.

On the other hand, the BCR acquisition transaction resulted in a temporary liability of US$ 140 million in the company's financial statements. Especially for the issuance of promissory notes (PN) which are used to pay for acquisition transactions.

"The PN will be paid in full from the proceeds of the issuance of new shares in the coming month, thereby eliminating the company's $140 million liability," Natassha added.

For information, until the end of 2021, MNC Energy recorded negative equity of 110.36 million US dollars. During that period, the company's liability rose from US$38.91 million to US$212 million.