PEFINDO affirms rating of J Resources' bonds at idBBB+

(September 8, 2022)--PEFINDO has affirmed its idBBB+ rating to PT J Resources Asia Pasifik Tbk’s (PSAB) maturing Shelf-Registered Bond I Phase VII Year 2021 of IDR257.26 billion due on November 6, 2022 and Shelf-Registered Bond I Phase VI Series A Year 2020 of IDR252.17 Year 2020 due on November 7, 2022. The Company plans to repay its maturing bond using combination of internal cash and bank loans. As of June 30, 2022, it had cash and cash equivalent of USD23.96 million. PSAB also had unused facility of USD20 million as of August 2022 and currently in the process to obtain new funding sources to finance its projects and repay the maturing bonds.

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 June 30, 2022, its shareholders consisted of Jimmy Budiarto (92.50%), Sanjaya J (0.02%), and the public (7.48%). (ends)