JAKARTA. PT PP Semarang Demak (PPSD) has just received a shareholder loan facility worth IDR 333.75 billion from PT PP (Persero) Tbk (PTPP), which will be spent on repaying maturing debts.
Bakhtiyar Effendi, Corporate Secretary of PTPP, revealed that the facility is equipped with an interest rate of 10.9% per annum or 0.908% per month. It is a non-revolving loan with a tenor of 11 months.
“It will require a loan facility from the company [PTPP] as the shareholder to financially aid PPSD, our subsidiary, in repaying its maturing Letter of Credit (lit. Surat Kredit Berdokumen Dalam Negeri/SKBDN),” Effendi mentioned in an official disclosure.
For context, PPSD is a business entity under PTPP, which holds an ownership percentage of 75%. PPSD is a company that manages and develops the Semarang-Demak Toll Road. PPSD is currently taking on the construction of Section 2 of the Semarang-Demak Toll Road, which is targeted for operation in early 2023. (KR/ZH)