JAKARTA. PT Adaro Energy Tbk (ADRO), a coal mining company with total assets of up to USD 6.7 billion, recently obtained a loan facility worth USD 100 million from its affiliate, PT Adaro Energi (AI).
The said facility was given along with an interest rate of LIBOR + 3.42% per year and would mature by December 19, 2026. This information was laid out in the information disclosure in Indonesia Stock Exchange (IDX). Furthermore, it was revealed that the said loan would be spent on ADRO’s investments.
“This loan facility would help the company in executing and formulating strategies for group development. Meanwhile, for AI, this facility would generate a better interest income,” ADRO management reasoned.
The facility gained by ADRO would be available in rupiah with a currency exchange rate agreed alongside AI. ADRO and AI also agreed to pay the interest every six months since the loan period started.
According to idnfinancials.com, AI is an affiliate of ADRO through shared directors and commissioners. Moreover, ADRO also indirectly owns 88.47% of AI’s shares.
As of June 30, 2021, ADRO scored revenue of USD 1.56 billion and a net profit of USD 189.3 million. (KR/ZH)