Samindo Settled Debt USD13.5 Million

JAKARTA – Until April 2016 PT Samindo Resources Tbk (MYOH) is recorded to have accelerated its debt settlement amounting to US$13.5 million. Through its subsidiaries, PT SIMS Jaya Kaltim had speed up to settle US$11.5 million of debt to KEB Hana Bank.

Corporate Secretary MYOH Hananto Wibowo said that the integrated coal mine service in March 2016 also had settle all its debt on behalf of its subsidiariy PT Samindo Utama Kaltim amounting US$2 million. Hananto said that such acceleration of debt settlement is a continuation of a program started in 2014.

Up to April 2016, total bank loan being settled reached US$29 million, with details US$3.5 million paid in 2014, US$12 million paid in 2015 and US$13.5 million recently settle in 2016.

“Until the end of 2016, we targeted to lower the amount of debt 57%. Referring to such plan, it is expected that by the end of 2016, the remaining debt is less than US$20 million,” said Hananto.

Hananto added that the policy to reduce the debt should not be construed that MYOH will delay its business expansion, on the contrary, currently is preparing to have business expansion. For such a plan to succeed, the Company plans to have Extraordinary General Meeting Shareholders (EGMS).

Agenda of the EGMS is to amend the Company’s Articles of Association to add the business activities to accommodate future business plan,” he explained.