PEFINDO affirms rating of J Resources

(March 7, 2023)--PEFINDO has affirmed its idBBB+ rating for PT J Resources Asia Pasifik Tbk (PSAB)’s Shelf-Registered Bond I Phase IV Year 2020 of IDR225 billion due on May 6, 2023. The Company is in the process of discussion with the bondholders to extend the bond’s maturity date, which is expected to be finalized by early April 2023.

Previously, PSAB has obtained the bondholders’ approval to extend the maturity date of Shelf Registered Bond I Phase III Year 2020 to February 14, 2026 from initially February 14, 2023, Shelf Registered Bond I Phase V Year 2020 Series B to July 30, 2026 from initially July 30, 2023, and Shelf Registered Bond I Phase VI Year 2020 Series B to November 27, 2026 from November 27, 2023.

PSAB was established in 2002 under the name PT Pelita Sejahtera Abadi and commenced mining operations in 2012 after acquiring assets from Avocet Mining. Its operations cover the exploration, mining, and processing of gold. It has a geographically diverse portfolio of assets across Indonesia (Seruyung in North Kalimantan; and Bakan, Lanut, and Doup in North Sulawesi) and Malaysia (Penjom).

The Company owned two producing mines and one mine in construction stage. As of September 30, 2022, its shareholders consisted of Jimmy Budiarto (92.50%), Sanjaya J (0.02%), and the public (7.48%). (ends)