Samindo Resources (MYOH) Prepares US $ 100 Million for the Acquisition of Coal Mines, JAKARTA - PT Samindo Resources Tbk. prepares US $ 100 million to acquire coal mines as part of efforts to develop the company's new business.

Samindo Resources' Director of Operations and Business Development Ahmad Saleh said the company was looking for opportunities to enter the coal mining business. According to him, due diligence is currently being carried out for a number of potential projects.

Ahmad said the company is looking for coal mines that have operated with deposits of over 20 million tons. Meanwhile, black gold produced is expected to have calories 4,000 kcal / kg and above.

He explained that the company was looking for new businesses besides mining contractors. However, the business line will still be related to the energy sector.

As an illustration, Samindo Resources is an investment holding company with core competencies in the provision of coal mining services especially overburden removal, coal production or coal getting, coal transportation, geological mapping, and drilling.

Meanwhile, the production activities are carried out through four subsidiaries namely PT SIMS Jaya Kaltim, PT Trasindo Murni Perkasa, PT Samindo Utama Kaltim, and PT Mintec Abadi.

Furthermore, Samindo Resources Investor Relations Manager Ahmad Zaki Natsir revealed that he had prepared funds to smooth out the planned acquisition of a coal mine.

"We, for the acquisition of coal mines, have provided a budget of US $ 100 million," he explained in Jakarta on Wednesday (6/26/2019).

Ahmad said the source of funds for the acquisition came partly from the company's internal. The rest, the issuer coded MYOH shares has a number of schemes.

"It could also be from shareholder loans, then it could also be possible from banks," he explained.

He said he had not yet looked at debt instruments as a source of funding. Because the company has easier access to banking.