Acset Indonusa provides Rp 10 billion loan facility to its subsidiary
JAKARTA. PT Acset Indonusa Tbk (ACST), an Astra Group company engaged in the construction sector, provided revolving loan facility worth Rp10 billion to its subsidiary, PT ATMC Pump Services.
Maria Cesilia Hapsari, Corporate Secretary of ACST, said that the loan interest rate is set at JIBOR + 4.2% per year. The loan facility will mature in 2023.
"Transactions [loans] are carried out in order to provide working capital support [to the subsidiary]," Hapsari said today through an official statement.
Hapsari added that ACST assesses that the loan facility can reduce ATMC's risk of losses. Then, the loan, which is an affiliate transaction, will also reduce ATMC's interest expenses.
For information, ACST holds a 55% stake in ATMC . ACST itself is owned by PT Karya Supra Perkasa, a subsidiary of PT United Tractors Tbk (UNTR). (KR/AR)