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Kino Indonesia receives a loan facility of IDR 50 billion from its subsidiary

07 February 2022 10:51

JAKARTA. PT Kino Indonesia Tbk (KINO) has obtained a loan facility of IDR 50 billion from one of its subsidiaries, PT Dutalestari Sentratama.

Budi Muljono, Director and Corporate Secretary of KINO, said that the loan facility, signed on February 3, 2022, would be used to support KINO’s operational activities. “The transaction is also intended to maximise the existing fund resources to reinforce business,” he continued to explain in the information disclosure in Indonesia Stock Exchange (IDX).

According to idnfinancials.com data, 99.97% of Dutalestari’s shares were under KINO’s control until last September 30, 2021. Dutalestari has been operating since 1991, managing total assets of IDR 317.84 billion.

Muljono said the granted facility was not categorised as a material transaction, as regulated by the Financial Service Authority (OJK). However, it was still counted as an affiliate transaction, given KINO’s stock ownership in Dutalestari.

Throughout January-September (9M) 2021, KINO scored sales of IDR 2.93 trillion and a net profit of IDR 82.81 billion. KINO’s total assets also reached IDR 5.32 trillion, while its liabilities amounted to IDR 2.68 trillion. (KR/ZH)

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