JAKARTA. PT Trisula Textile Industries Tbk (BELL), a textile and garment manufacturer, has channelled out a loan facility worth IDR 15 billion to PT Chitose Internasional Tbk (CINT).
Heru Jatmiko Harrianto, Director of BELL, claimed that said loan facility is categorised as an affiliate transaction as per the Financial Services Authority’s (OJK) definition. “Considering how the company [BELL] and CINT share controlling parties, which are Kiky Suherlan and Dedie Suherlan, through direct and indirect ownership,” Harrianto explained.
In the information disclosure in Indonesia Stock Exchange (IDX), Harrianto also said that the facility will cover the working capital needs and CINT’s business sustainability. In addition to that, Harrianto believed that the loan will also optimise the profit gained from reserved operational activities of BELL.
Based in idnfinancials.com data, BELL reported cash and cash equivalents of IDR 12.68 billion as of March 31, 2022. Meanwhile, its total equity reached IDR 261.49 billion.
For the record, BELL’s loan distribution to CINT is deemed an appropriate transaction by the appointed Public Appraisal Service Office. (KR/ZH)