JAKARTA- Pemeringkat Efek Indonesia (Pefindo) upgraded the rating of PT Antam Tbk. and its Shelf Registration Bonds I/ANTM/2011 from "idA-" to "idA" with a stable outlook.
According to the company's press release, the upgrade was triggered by profit growth, following improving cash ratio and the capacity of ferronickel production from Antam's smelter in Pomalaa, Southeast Sulawesi and the construction of a ferronickel plant in East Halmahera, North Maluku with an annual production capacity of 13,500 tons.
In the first semester of 2019, Antam recorded sales revenue of Rp 14.43 trillion, 22% higher than its record in the same period of last year of Rp 11.82 trillion.
Another factor that supports Antam's rating upgrade is the growth of bauxite segment, following the plan to downstream bauxite industry through the construction of a smelter grade alumina refinery (SGAR) in Menpawah, West Kalimantan. In the first phase, the project has a production capacity of 1 million tons and will be developed together with PT Indonesia Asahan Aluminum (Persero). (LK/AR)