JAKARTA – PT Centex Tbk (CNTX) acquired an intercompany loan facility worth USD 30 million from PT Toray Industries Indonesia (TIN), an affiliate. This facility would be utilised as CNTX’s working capital considering the fact that it had suffered quite a loss in the past couple of years.
Tomoaki Nakajima, Director of Century Textile Industry (Centex), mentioned that the said loan facility equals 82% of the company’s total assets by March 2021. “The loan period would start in November 2021 until June 30, 2022, and would be automatically extended for another year consecutively unless there is a written notice about the cancellation of the said extension,” he continued in the information disclosure, quoted Tuesday (23/11).
The interest rate for this loan is set to one month of LIBOR plus 0.07% monthly, which would be paid every month.
According to Nakajima, the company has been suffering losses since 2016. The cumulative losses reported in March 2021 amount to USD 27.06 million. The loss observed at the beginning of this year resulted from the weakened market demand due to the COVID-19 pandemic.
TIN and CNTX are affiliated through their shared controlling shareholder, Toray Industries Inc. Toray owns 53.745 of CNTX, both directly and indirectly through Penfabric Sdn Bhd. On the other hand, Toray has 99.48% of TIN’s shares. (LK/ZH)