JAKARTA – PT Saraswanti Anugerah Makmur Tbk (SAMF), an NPK fertiliser manufacturer, obtains a loan of IDR 23.08 billion from PT Saraswanti Indo Genetech (SIG), a subordinate of PT Saraswanti Utama (SU). SU owns 63.50% of SIG and 74.27% of SAMF.
In the information disclosure quoted Wednesday (13/4), Dadang Suryanto, Director of Saraswanti Anugerah Makmur, claimed that the company needed the money to finalise the raw material purchase contract from the supplier. “The raw material price has climbed for the last couple of months, thus creating the urge to seal the contract with a full payment,” he explained.
According to Suryanto, the said loan will be available for the next three months since the agreement sigining last week (8/4). The fund obtained from SIG may be accessed faster than bank credits that might take longer time. Addtionally, the bailout interest is set to 4.5% per annum, much lower than bank’s annual interest of 8%. (LK/ZH)