shares soar on debt restructure

Aditya Birla soars higher on debt restructure

5th January 2009, 9:00 WST


Shares in copper play Aditya Birla Minerals have risen again this morning after the company revealed it had renegotiated its debt position.

In response to share price query from the Australian Stock Exchange on January 2, the company said today it had renegotiated its working capital facility with HSBC Bank so that its previous $100m facility had been reduced to $60m – the amount it had already drawn down.

It also said it had repaid $50 million to BNP Paribas on a previous facility.

The ASX quizzed Aditya Birla Minerals after its share price rose from 11.5 cents on December 29 to an intra-day high of 18.5 cents on January 2 on bigger than usual volumes.

At 8.54am, the company’s shares were up 4.5 cents, or 25.71 per cent, to 22 cents with more than 1.8 million units changing hands.

Aditya Birla has operations in Queensland and WA.

STUART McKINNON