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Resources Prima Group hopes to submit resumption of trading proposal to SGX by June 28

SUSPENDED Catalist-listed Indonesian coal miner Resources Prima Group said on Wednesday night that it hopes to submit a resumption of trading proposal to the Singapore Exchange before June 28.

The group has been operating under severe cash flow constraints since its main operating subsidiary PT Rinjani Kartanegara entered bankruptcy in October last year.

But the group is currently in advanced discussions with a potential investor to provide financing to the company, it said.

The board is therefore of the view that the group is currently able to demonstrate that it can continue as a going concern, it added. 

On Wednesday, the group reported a US$4.78 million net loss in the three months to Dec 31, 2017, widening from a re-presented net loss of US$1.89 million in the same period a year earlier. Revenue from continuing operations was US$275,000, from zero in the same period a year ago.

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