JAKARTA – PT Sreeya Sewu Indonesia Tbk (SIPD), a livestock feed manufacturer, acquired the credit facility from PT Bank QNB Indonesia Tbk (BKSW) worth IDR 275 billion. This loan’s guarantee is the company’s fixed assets worth IDR 819.42 billion in December 2020.
In the information disclosure, quoted Thursday (20/5), Sri Sumiarsih, the Director of Sreeya Sewu, mentioned that the said credit facility was signed yesterday (17/5), offering a 12-months period loan. This financial aid would be utilised in supporting the company’s working capital needs, including working capital loans of IDR 150 billion with an 8.25% annual interest and a hedging (forex line, spot & forward, uncommitted) of IDR 75 billion.
In December 2020, SIPD reported its cash and cash in bank reaching IDR 228.60 billion, with the total current assets of IDR 1.6 trillion. The short-term loans in the form of working capital loans were at IDR 549.77 billion, comprising IDR 449.77 billion from PT Bank Negara Indonesia (Persero) Tbk (BBNI) and IDR 100 billion from PT Bank Mandiri (Persero) Tbk (BMRI).
“This bank loan facility would not negatively impact the company as this facility would be used to support the company’s operational activities,” Sumiarsih claimed. (LK/ZH)