Corporate Actions

Coal miner Atlas Resources (ARII) took a down payment of US$15 million loan facility from global commodity firm Hartree Partners Singapore Pte Ltd. The amount will be used to purchase capital goods for mining. ARII plans to boost its coal export by fourfold this year to 400,000 tons from Rp100,000 tons last year. ARII suffered loss of US$3.3 million in the first quarter (Q1) of this year on revenues of US$8.77 million. Coal sales to state electricity firm Perusahaan Listrik Negara (PLN) jumped to US$7.15 million from US$2.12 million previously.

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Problems in Alhasanie

The year 2018 has been a chaotic year for PT Alhasanie, a mining company and subsidiary of PT Atlas Resources Tbk (ARII). Several months ago the Company was listed as a co-defendant in a lawsuit filed by its own parent company. Last week, one of the Company’s contractor PT Macmahon Mining Services (subsidiary of Macmahon Holdings Limited – ASX: MAH) filed a lawsuit on Suspension of Debts Payments (PKPU), demanding the Company to restructure its debts. This is the second PKPU lawsuit filed by Macmahon within this year against Alhasanie.

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Atlas Resources v. Noble Group

PT Atlas Resources Tbk (ARII) filed a tort lawsuit on March 19, 2018 against Noble Group Limited (SGX : CGP), its CEO and several other parties. The root of the dispute can be traced back to 2013 when ARII decided to acquire shares of three companies.

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Atlas Resources vs Noble Group

PT Atlas Resources Tbk (ARII), a coal producer listed on Indonesia Stock Exchange (IDX), has filed lawsuit against Noble Group Ltd, a global commodities trading firm listed on Singapore Exchange (SGX). Atlas seeks compensation of more than US$260 million.

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