JAKARTA - Extraordinary General Meeting of Shareholders (EGMS) of PT Acset Indonusa Tbk (ACST) has approved a plan to change the loan agreement transaction between Acset and PT United Tractors Tbk (UNTR).
The change in the loan agreement transaction between Acset and UT was motivated by the need for additional working capital for Acset to finance construction and infrastructure projects, especially those with a Pre-Financing Contractor payment scheme.
Acset submitted an additional loan request to UT amounting to Rp 2.4 trillion so that the total loan facility changed to Rp 4 trillion. Some other changes include an interest rate of JIBOR + 2.5% (previously JIBOR + 3%); availability of loan facilities until 18 August 2022; the payment deadline on April 30, 2023 and the elimination of the facility fee of 1% per year.
Earlier in 2018, Acset obtained a working capital loan facility from UT amounting to Rp 1.6 trillion which was approved by shareholders through the EGMS on April 11, 2018. (LM)