JAKARTA. Pemeringkat Efek Indonesia (Pefindo) has revised the rating for Bond I Year 2018 issued by PT Kapuas Prima Coal Tbk (ZINC) to “idCCC” from the initial “idD”.

Said revision took place after ZINC concluded the payment of principal and coupon of bonds worth IDR 1.45 billion in total. Said arrears were supposed to be paid on August 13, 2024, but got delayed as ZINC were not allowed to export its concentrate products.

“As of now, the company is granted relaxation to be able to conduct exports until December 2024,” added Pefindo in the official statement.

Pefindo also said that ZINC’s rating reflects a very frail financial condition. In addition, the company is also exposed to the risk of export ban of mineral concentrates amidst the steady trend of smelting facilities’ constructions. In addition, the company also faces the risk of commodity price fluctuation.

“Said risks are partly mitigated by ZINC’s adequate reserves and resources,” added Pefindo.

For the record, ZINC debuted on the stock exchange in 2017. Approximately 14.42 of ZINC’s shares were controlled by Sim Anthony as of September 2023, followed by Kioe Nata of 12.33%, Budimulio Utomo 10.15%, PT Sarana Inti Selaras 9.78%, Haroen Soedjatmiko 9.57%, William 9.16%, and the public 34.59%. (KR/ZH)