ENERGY & OFFSHORE | Terry Gangcuangco, Singapore

Published: 10 Dec 09

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Straits Asia to borrow $380 million for debt payment

ENERGY & OFFSHORE | Straits Asia to borrow $380 million for debt payment

Straits Asia Resources Ltd., is in talks with banks for a potential $380 million worth of five-year loan intended for maturing debt repayment.

According to Bloomberg, the Singapore-based coal miner is in advanced and private talks with Bangkok Bank Pcl, Krung Thai Bank Pcl, Siam Commercial Bank Pcl, and Standard Chartered Plc. The five-year loan will be a club facility, said two undisclosed source persons.

Chief Financial Officer Graeme Tivey has previously said that the company, controlled by Thailand’s PTT Pcl, is seeking to borrow approximately $250 million to repay debt. Data compiled by Bloomberg reveal that Straits Asia has S$417 million ($300 million) of loans due to mature in 2010.

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COMMENTARY


�Opinions on Budget 2010: Financial Services Sector Given Singapore’s desire to become an international financial centre, the lack of significant new incentives to grow the industry was surprising.


�Opinions on Budget 2010: Personal Tax By and large, Budget 2010 contained nothing very significant for individual taxpayers.


�Opinions on Budget 2010: Property Sector The Minister mentioned that property tax is a means of redistribution in our society, together with our income tax regime.


�Opinions on Budget 2010: Marine Sector Singapore has long put in place favourable tax incentives targeted at traditional shipping businesses.


�Opinions on Budget 2010: Deferring Import GST Currently, 7 percent Goods and Services Tax (GST) is payable on all importation of goods into Singapore at the time of import.

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