JAKARTA – PT Cottonindo Ariesta Tbk (KPAS), a cotton manufacturer, explores the chances of launching two corporate actions by the end of this year to gain funds for its operational activities.
Marting Djapar, President Director of Cottonindo Ariesta, reveals the two corporate actions—one is currently ongoing, while another would soon be conducted by December 2021—include a loan agreement and a private placement. “Meanwhile, the rights issue and fixed instrument plans are still in the talk of being launched in 2022,” he adds in the information disclosure, quoted Friday (24/9).
According to Djapar’s words, his company had contacted several creditors to aid this plan, including BNI, BCA, and Bank Panin. “The company had asked the banks to give waivers to negative covenants in the facility agreement. BNI had confirmed its waiver on September 16, 2021, while BCA and Bank Panin are still in the reviewing phase,” he reveals in detail.
As known, KPAS had halted its operations in the factory due to the COVID-19 pandemic that dragged its revenue down. The factory utilisation had reached 0%. Its installed capacity used to amount to 905.550 tons per month. The last highest factory utilisation level is reported in March 2021 of 46.4%. (LK/ZH)