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Bank Mandiri supports Krakatau Steel debt restructuring

15 April 2019 03:18 PM  Company: PT. Krakatau Steel (Persero) Tbk[KRAS]
Rp. 458  0 (0%)

JAKARTA. PT Bank Mandiri (Persero) Tbk (BMRI) CEO Kartika Wirjoatmodjo has declared his support to assist in PT Krakatau Steel (Persero) Tbk's (KRAS) debt restructuring.

"We remain supportive because Krakatau Steel is part of the national strategic industry," said Mr Wirjoatmodjo, adding that the prospect of the national strategic industry remains good with the growth of demand from the infrastructure and construction sector, Monday (15/4).

The Ministry of State-owned Enterprises is currently looking to recover the finances of KRAS through restructuring the company's debts. Aside from BMRI, other state-owned banks have also approved the restructuring plan.

According to Mr Wirjoatmodjo, the debt restructuring will be done using various schemes, ranging from asset withdrawal to the issuance of convertible bonds with lengthy tenors.

There is also a plan to include KRAS in the SOE mining holding. PT Inalum (Persero) as the parent entity is expected to assist KRAS.

As reported by CNBC Indonesia, KRAS's 2018 net loss amounted too US$ 74.82 million or Rp 1.01 trillion, down from US$ 81.74 million in 2017. (AM/MS)

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PT. Krakatau Steel (Persero) Tbk [KRAS]   Rp. 458   0 (0%)