JAKARTA - The shareholders of PT Bumi Resources Minerals Tbk (BRMS) approved the company’s plan to issue as many as 24 billion new Series B shares through a rights issue.
The plan was approved at an EGM held at JS Luwansa Hotel & Convention Center, South Jakarta on Wednesday (11/11).
According to an official statement received by IDNFinancials.com, BRMS will use proceeds from the rights issue for business development, which includes the development of a new plant in the Poboya Block, Palu, Central Sulawesi; development of facilities to support mining operations and purchase of mining equipment; and/or drilling works in Palu and Gorontalo.
In addition, proceeds from the corporate action will also be used to repay invoices received by BRMS and its business units, which were previously paid for by PT Bumi Resources Tbk (BUMI), and as working capital for the operational activities of PT Citra Palu Minerals (CPM) and PT Gorontalo Minerals. (MS)