JAKARTA. PT Sarana Menara Nusantara Tbk (TOWR), a telecommunication tower company under Djarum Group, has received an additional credit limit of IDR 500 billion from PT Bank Central Asia Tbk (BBCA).
Irfan Ghazali, Corporate Secretary of TOWR, explained that the extended credit ceiling is a part of a revolving loan facility, or G Facility, of IDR 500 billion. It was initially signed by the company and BBCA on December 21, 2016.
Therefore, the limit to this G Facility now increases to IDR 1 trillion. Additionally, BBCA and TOWR also agreed to list another creditor, Iforte, one of Protelindo’s subsidiaries. “Thus, the G Facility worth IDR 1 trillion now could be accessed by Protelindo and Iforte,” Ghazali confirmed in the information disclosure in Indonesia Stock Exchange (IDX) earlier today (28/12).
Ghazali also admitted that the credit ceiling extension of this facility is considered an affiliate transaction, as stated by the Financial Services Authority regulation. He reminded the public that both BBCA and TOWR are corporations under the control of Robert Budi Hartono and Michael Bambang Hartono of Djarum Group.
Based on idnfinancials.com, TOWR’s stock price today was opened at IDR 1,160 per share. However, as of 11.29 AM WIB, the price slid 20 points lower or 1.72% to IDR 1,140 each. (KR/ZH)