JAKARTA. PT Acset Indonusa Tbk (ACST), a subsidiary of Astra International engaged in construction, has provided a revolving loan facility worth Rp 30 billion to its subsidiary, PT Bintai Kindenko Engineering Indonesia (Binkei).
Maria Cesilia Hapsari, Corporate Secretary of ACST, said the interest rate for the facility is JIBOR + 4.2% per year, and will mature on 24 June 2023. "The loan facility will directly support Binkei's main activities," Hapsari explained through in an official statement.
The transaction can be considered as affiliated transactions, since 60% of Binkei's shares are owned by ACST.
Nirboyo Adiputro, the accountant evaluating the transaction, gave an unqualified opinion. Although there are no collateral mentioned in the debt agreement. However, ACST is considered to be able to minimize the risk of non-performing loans, because Binkei is its own subsidiary. (KR/AR)