Pan Brothers to restrict its working capital expenses

06 May 2021 11:15

JAKARTA – PT Pan Brothers Tbk (PBRX), a garments and textile company, strictly controls its spending on working capital following the limited loan facility from the bank at the beginning of the year. This policy would result in the slow and gradual payment of holiday allowances by PBRX management to September 2021.

Fitri Ratnasari Hartono, the Director of PT Pan Brothers Tbk (PBRX), stated that the bilateral facility received by PBRX from the bank now only amounts to 10% compared to early 2020. “We have to regulate the cash to ensure everything goes well and the sales not declining, so there would be no layoffs,” Hartono explained.

Hartono expressed this news in response to the uncertainty of holiday allowances distribution that triggered the employees’ protest at PBRX’s factory in Boyolali, Central Java, yesterday (5/5). However, the amount of working capital left until Q1 2021 remains undisclosed.

According to Hartono, the management still needs to arrange the purchase of the raw materials, the payment for the suppliers, employees’ wages, the interest payment, and operational costs amidst this thinning working capital. “We ask for everyone’s support so we could immediately obtain the required working capital,” Hartono hoped. (LK/ZH)

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