JAKARTA. PT Indofood Sukses Makmur Tbk (INDF) has decided to use an alternative funding after Citigroup cancelled a US$ 140 million loan facility in May.
INDF Director Thomas Tjhie has confirmed that the cancellation occurred after the company's exclusion from the membership of the Roundtable on Sustainable Palm Oil (RSPO). However, Mr Tjhie said that the cancellation did not significantly affect the company's performance.
Moreover, added Mr Tjhie, Citigroup's loan facility had not been used by the company. "We did not use [the facility]. There was no problem upon its cancellation," he told IDNFinancials.com.
Mr Tjhie affirmed that INDF currently has numerous loan facilities from a number of local and international banks such as Bank Mandiri, BCA, and Mizuho Financial Group. (KR/MS)