JAKARTA – PT FAP Agri Tbk (FAPA), a palm plantation company, paid back its loan of USD 50.71 million to Prinsep Management Ltd (PM), its ultimate shareholder. Corporate Secretary of FAP Agri, Henryzal M Panjaitan, announced the plan in the information disclosure quoted Wednesday (16/3).
“The company follows the request of the shareholder to pay [the loan] and will begin to install payment within a year since the payment request letter was issued on February 14, 2022,” Panjaitan explained.
According to Panjaitan, the schedule and the amount of instalments will be adjusted according to the cash flow of the company throughout this year.
As of February 2022, FAPA’s shares amounted to 3,629,411,800 units, which are worth IDR 3.62 trillion. PM owned 80.75% of them, followed by PT Fangionoperk of 4.25% and the public of 15%.
By the end of September 2021, short-term liabilities of FAPA were recorded at IDR 938.29 billion, depleting from IDR 1,107 trillion in December 2020. (LK/ZH)