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ASSA funds development of subsidiary through BCA credit facility

10 March 2021 08:28

JAKARTA. PT Adi Sarana Armada Tbk (ASSA), a trading and land transportation services company, announced the acquisition of a credit facility from PT Bank Central Asia Tbk (BBCA) or BCA amounting to IDR 100 billion.

Hindra Tanujaya, Corporate Secretary of ASSA, said that the credit facility provided is in the form of an installment loan. In the disclosure of information on the Indonesia Stock Exchange, Tanujaya said the facility would be used for the development of its subsidiary, PT Tri Adi Bersama.

"This is expected to make a positive contribution because it is in line with the company's main business," said Tanujaya.

According to idnfinancials.com data, ASSA's Debt to Equity Ratio (DER) has reached 1.44 times as of September 30, 2020. The high DER position was due to the existence of long-term bank loans amounting to IDR 2.02 trillion. Meanwhile, the company's total equity was only recorded at IDR 1.4 trillion.

For information, Tri Adi Bersama is a company that has been running a commercial postal business and courier activities in Jakarta since 2019. As much as 55% of Tri Adi Bersama's shares are directly owned by ASSA. The total assets prior to Tri Adi Bersama's elimination were recorded at IDR 254.63 billion. (KR/LM)

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