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Tirta Mahakam extends the tenor of its Rp 234 billion debt facility

23 July 2020 06:21

JAKARTA. PT Tirta Mahakam Resources Tbk (TIRT), a wood-manufacturer, has postponed the payment of its Rp 234 billion debt by extending the tenor until 2021.

The debt facility comes from PT Harita Jayaraya (HJR), the controlling shareholder of TIRT with 77.82% stake, as well as PT Long Bagun Putra (LBP) which is a subsidiary of HJR. TIRT's management said that the loan facility was provided by HJR and LBP without interest and collateral.

According to idnfinancials.com data, TIRT's debt balance to LBP was recorded at Rp 80.64 billion as of 31 March 2020. Meanwhile, the company's debt balance to Harita Jayaraya was recorded at Rp 153.1 billion.

TIRT's management explained that the tenor was originally run until 2018. But the company, together with the two creditors, agreed to extend the loan facility until September 2021. This change was made, because the company's business performance was affected by the COVID-19 pandemic.

"This has a significant impact on the company's business activities," TIRT's management wrote through information disclosure.

During the first quarter of 2020, TIRT recorded a loss of Rp150.4 billion. While the company's equity was recorded at minus Rp.114.46 billion. (KR/AR)

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