JAKARTA. PT Intiland Development Tbk (DILD) had distributed the proceeds of the bond issuance of IDR 245.5 billion to several subsidiaries in the form of loans and debt payments.
Archied Noto Pradono, Director of Intiland Development, reveals that the credit is disbursed to some of its subsidiaries without guarantee and interest. However, DILD would still gain the profit-sharing of 10.5% per year from the channelled loans.
“This refinancing positively affects the company’s cash flow as there is a decrease in the credit interest rate of the subsidiaries,” Pradono claims in the information disclosure in Indonesia Stock Exchange.
More specifically, IDR 162 billion was given to PT Perkebunan dan Industri Segajung (PIS). Then, another IDR 45 billion is channelled out to pay off the debt principal of PT Intiland Esperto (IE). Another IDR 13.47 billion was lent to PT Perkasa Lestari Permai (PLP) to cover a portion of its principal debt, while the remaining IDR 25 billion was spent on paying DILD’s own debt principal in Bank Mayapada.
Based on idnfinancials.com data, as of June 2021, DILD claims absolute ownership (100%) over PIS through PT Intiland Grande. Additionally, through PT Taman Harapan Indah, DILD also owns a 100% of PLP and IE’s shares. (KR/ZH)