| ANTAM Signs Forex Line Hedging Facility Agreement with Bank Mandiri, Bank Rakyat Indonesia and Bank Negara Indonesia | |
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Jakarta, May 25, 2016 - PT ANTAM (Persero) Tbk (ANTAM; ASX - ATM; IDX - ANTM) is pleased to announce that it has signed a Forex Line Hedging Facility Agreement with PT Bank Mandiri (Persero) Tbk (Bank Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk (BRI) and PT Bank Negara Indonesia (Persero) Tbk (BNI). As a natural resources based company, ANTAM endeavours to mitigate its risk exposure and potential loss. Under the agreement, ANTAM receives US$20 million facility from Bank Mandiri, US$10 million facility from BRI and US$30 million facility from BNI.
ANTAM's President Director, Tedy Badrujaman said,
' ANTAM's activities expose them to a variety of financial risks, including the effects of changes in commodity prices and foreign currency exchange rates. Our risk management program focuses on the unpredictability of financial markets and seeks to minimise unforeseen effects on the financial performance of the company. The signing of the facilities reflects our proactive attempts in corporate risk management. '
As an export oriented company, ANTAM's revenue and cash position are mostly in US Dollar while most of ANTAM's operating expenses are in Indonesia Rupiah. As such, ANTAM is exposed to foreign exchange risks.
In mitigating these risks, ANTAM's hedging strategy includes conducting hedging transactions through natural hedging, plain vanilla options and forward and cross currency swaps (CCS) options. ANTAM's hedging policy refers to the Minister of State-owned Enterprises Regulation No. PER-09/MBU/2013 on General Policy of Hedging of State-owned Enterprises, Bank of Indonesia Regulation No. 16/18/PBI/2014 on Hedging Transactions of Banks and Bank of Indonesia Regulation No. 17/15/PBI/2015 on Foreign Exchange to Rupiah Transactions between Banks and Domestic Parties.
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Antam Tbk
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CODE : ATM.AX |
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Antam Tbk is a gold producing company based in Australia. Its main asset in production is CIBALIUM in Indonesia. Antam Tbk is listed in Australia and in Indonesia. Its market capitalisation is AU$ 24.8 billions as of today (US$ 57.9 billions, € 52.2 billions). Its stock quote reached its highest recent level on January 06, 2011 at AU$ 1.28, and its lowest recent point on April 07, 2017 at AU$ 0.62. Antam Tbk has 24 030 769 152 shares outstanding. |