JAKARTA. PT Kino Indonesia Tbk (KINO) announced that it had given a USD 3.6 million loan (around IDR 50.63 billion) to Kino International Pte. Ltd. (KINTL), a subsidiary based in Singapore.
Budi Muljono, Director and Corporate Secretary of KINO, said that the loan facility would be used to support KINTL's business and a number of its subsidiaries. According to information compiled by idnfinancials.com, all of KINTL shares are owned by KINO.
In the disclosure published on the Indonesia Stock Exchange's (IDX) website, Muljono added that the loan facility would be used by KINTL as its business development capital. KINTL also did not use external funding sources, said Muljono, "Because the loan interest [from KINO] was quite small," Muljono explained.
Currently, KINTL operates a variety of businesses, from F&B business to loyalty programs. This limited liability company has also never raised funds from the Singapore capital market, even though it has been operating for more than six years. (KR/AR)