JAKARTA - PT PP Properti Tbk (PPRO) received a loan facility of Rp 295 billion from PT Pembangunan Perumahan Tbk (PTPP), which will be used as working capital. PTPP holds a 64.96% stake in PPRO.
According to the company's disclosure published on Tuesday (28/7), Rp 175 billion of the loan facility had been received by PPRO on 24 July 2020. The rest will be distributec in stages by PTPP to PPRO within the next 11 months. The lnterest rate was set at 9.5% per year.
PPRO stated that it chose to get a loan facility from its parent company due to the difficulty of obtaining one from banks due to the COVID-19 pandemic..The company needs additional working capital to support the business synergy of PTPP Group. (LK/AR)