JAKARTA. MAP Active Philippines Inc., a subsidiary of PT MAP Active Adiperkasa Tbk (MAPA), has obtained a loan facility with a total value of US$ 3 million from affiliated companies to strengthen its retail business in the Philippines.
According to its disclosure, MAPA management explained the loan came from Athletica International Holdings Pte. Ltd. (AIHP) (US$ 2 million). While the remaining US$ 1 million was obtained from the ASG Holding Company (ASG).
The three parties (AIHP, ASG, and MAPH) agreed that the loan will have a tenor of 5 years, with an interest rate of 7.15% per year.
For information, 100% of AIHP shares are fully controlled by MAPA, while 66.59% of MAPH shares are also indirectly owned by MAPA.
MAPA management added that MAPH has not yet commenced its operation in the Philippines, and it is not yet able to obtain capital loans from banks and other financial institutions in the Philippines.
"Thus, AIHP and ASG need to provide support to MPH by giving out loans," said MAPA management. (KR/AR)