The Annual General Meeting of Shareholders (AGMS) of PT Bumi Resources Minerals Tbk (BRMS) plans to use all proceeds from the rights issue of Rp1.6 trillion to finance the expansion of its subsidiaries and pay off debts to its parent company, PT Bumi Resources Tbk (BUMI).

In its official statement on Wednesday (30/6), the AGMS also accepted the performance of Bumi Minerals' 2020 financial report. Last year, the company posted revenue of US$8.34 million and a net profit of US$4.04 million.

"This amount increased compared to the 2019 period of US$ 4.46 million and US$ 1.26 million, respectively," said management.

Bumi Minerals management explained that the AGMS approved the use of rights issue funds worth Rp1.6 trillion. Most of the funds, or around US$48 million (equivalent to Rp701.28 billion), will be provided as a loan to a subsidiary, namely PT Citra Palu Minerals. The company will use the funds to build a gold ore processing plant with