Suzhou Kuniene Film gains RMB 275 million loan from Bank of China

08 June 2022 07:54

JAKARTA – Suzhou Kniene Film Industries Co Ltd (SKFI), an affiliate of PT Indopoly Swakarsa Industry Tbk (IPOL), obtains a credit worth RMB 275 million from Bank of China in order to increase the production capacity of premium films, particularly those using Biaxially Oriented Polypropylene (BOPP) film.

According to the information disclosure quoted Wednesday (8/6), the tenor of the credit is 10 years, and the credit is equipped with the long-term rate of PBOC LPR interest + 0.15%. Meanwhile, the loan in USD will have an interest rate of SOFR + 2.4%. Then, the guarantee for this facility is Yunnan Kuniene Film Industries Co Ltd, a subsidiary of SKFI worth RMB 275 million and a mortgage of land and building of SKFI in Jiangsu, China.

SKFI is based on China, a company 100% owned by IPOL through Golden Polindo Industries Pte Led (GPII). The company has purchased production machineries from Brückner Maschinenbau GmbH & Co KG. Then, the total investment for boosting the BOPP film production capacity clocks up to USD 53.12 million, USD 3.30 million of which has been channelled out as advance payment for BOPP Line purchase. The unrealised budget is USD 50 million, equal to 27.13% of the total equity of the company reported in December 2021. (LK/ZH)

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