JAKARTA – PT Gunawan Dianjaya Steel Tbk (GDST) postpones the plan to operate the steel processing plant, Plate Mill II, until the end of 2023. It was initially intended to be fully operated by the end of this year.
Hadi Sutjipto, Director of Gunawan Dianjaya Steel, claimed that the said postponement was a result from the lack of financial aid from the bank. “Currently, the company is fiercely lobbying the contractor to accelerate the progress of the project and the supply of parallel machine. It is so that we could acquire an investment credit to complete the project and restore the internal cash previously invested and utilised as the working capital,” he explained in the information disclosure quoted Thursday (24/3).
As of September 2021, GDST recorded short-term liabilities of IDR 746 billion or 45.78% of its total assets. Then, 22.99% of those were debts to third parties, while bank debts reached 8.93% of assets. Its net assets amounted to IDR 411 billion or 25.23% of total assets, dominated by fund reserves of IDR 252 billion.
According to Sutjipto, his company requires fresh funds of IDR 75 billion to wrap up Plate Mill II and another IDR 25 billion to run Plate Mill I. “The funds source supposedly was bank financing facility and financing renegotiation with vendors, asking for relaxation of the instalment of the existing contract,” he added. (LK/ZH)