JAKARTA. PT Pembangunan Perumahan Tbk or PT PP began to restructure the debt of its subsidiaries, including PT PP Properti Tbk (PPRO) and PT Presisi as an effort to maintain liquidity amid the coronavirus pandemic.
Director of Finance and Risk Management of PT PP Agus Purbianto said that the restructuring has been done in several subsidiaries, including PT PP Properti Tbk., PT Sinergi Colomadu (SCM), and PT PP Presisi.
Agus explained that PP Properti is one of the subsidiaries that is experiencing the most severe pressure in terms of cash flow. Sales have dropped dramatically since the pandemic began.
Agus also said that so far, PT PP as the holding company still has strong cash flow. According to him, the company is still optimistic that it can pay off its short-term obligations in accordance with the agreement. "It [restructuring] has not yet been carried out at the parent level, we hope that this month [May], we can still cover our obligations. If this condition continues after June, we will also conduct restructuring, especially for loans [to the project] with no cash flow, "Agus explained. (AM/AR)