Tri Rachman Batara, Director of PT Urban Jakarta Propertindo Tbk (URBN) stated that the loan facility would be used to increase the company's working capital. "The main collateral is the fiduciary guarantee on receivables of PT Adhi Karya (Persero) Tbk (ADHI) and PT Nusa Wijaya Propertindo, which transferred to PT Adhi Commuter Propertindo," he said.
According to him, the additional collateral is delivery of a notarial deed agreed by PT Adhi Commuter Propertindo, with the terms and conditions specified by BTN.
In 2018, the company generated Rp 332 billion in revenue in 2018, nine times higher than its revenue in 2017. The revenue came from the sales of apartment units and other income.
Based on the company's financial statements. the company's total assets were worth Rp 1.6 trillion, growing by Rp 600 billion from the previous year, mainly due to the addition of paid-up capital. (LK/AR)