AGMS Of Mining Company Conglomerate Aburizal Bakrie Approves Rights Issue Of IDR1.6 Trillion

Illustration. (Photo: Unsplash)

JAKARTA - A company from the Bakrie group in the mineral mining sector, PT Bumi Resources Minerals Tbk (BRMS) held an Annual General Meeting of Shareholders (AGMS) on Monday, June 28 yesterday.

Quoted from the BRMS official statement, Tuesday, June 29, the AGMS accepted the performance of the 2020 financial statements, where last year the company posted revenue of 8.34 million US dollars and a net profit of 4.04 million US dollars. This achievement increased from 2019 worth 4.46 million US dollars and 1.26 million US dollars, respectively.

The AGMS also accepted a decision regarding the use of BRMS rights issue funds. As is known, Bumi Resources Minerals conducted a rights issue with the acquisition of funds of IDR 1.6 trillion.

Details of the use of the rights issue funds, amounting to 48 million US dollars or IDR 701.28 billion for loans to a subsidiary, in this case PT Citra Palu Minerals. This is done by BRMS to build a gold ore processing plant with a capacity of 4,000 tons of ore per day.

Then, 23 million US dollars or IDR 336.03 billion for loans to a subsidiary, in this case PT Citra Palu Minerals. This loan was carried out for drilling 4 gold prospects, thereby increasing ore reserves in Palu, Sulawesi.

Meanwhile, 5.25 million US dollars or IDR 76.7 billion was for lending to a subsidiary, in this case PT Gorontalo Minerals, for drilling 2 gold prospects to increase ore reserves in Motomboto, Gorontalo.

Furthermore, 29.8 million US dollars or IDR 435.4 billion to pay off BRMS's debt to PT Bumi Resources Tbk (BUMI), which among other things relates to the initial construction work of the first processing plant (capacity of 500 tons/day) in Palu which has been operating since February 2020.

Meanwhile, the proceeds from the Limited Public Offering (PUT) that have not been realized are 27.59 million US dollars or IDR 403.11 billion. The remaining funds will be used to finance the company's working capital.