JAKARTA. PT Astra Tol Nusantara (ATN), a subsidiary of PT Astra International Tbk (ASII) engaged in the tollway business, has lent PT Jasa Marga Pandaan Malang (JPM) a facility worth IDR 1.84 trillion.
The said credit facility was granted by ATN with a 7.50% interest rate and 8-month tenor. In the information disclosure in Indonesia Stock Exchange (IDX), ATN admitted that the loan was channelled to support JPM’s needs.
For the record, the credit facility agreement between ATN and JPM is considered an affiliate transaction as regulated by the Financial Services Authority. The facility between these affiliates is deemed more beneficial for both parties.
“For ATN, the transaction with an affiliated company will offer financial benefits in the form of interest income. Meanwhile, for JPM, there will be efficiency in administration processes,” ASII management explained.
As of March 31, 2022, ATN reportedly controls 49% of JPM. Then, another 51% of JPM belongs to PT Jasa Marga (Persero) Tbk (JSMR). Further back, 99.99% of ATN is under the control of ASII. (KR/ZH)