JAKARTA – Indonesia Eximbank gave a seal of approval on a proposal of debt restructuring of PT Handal Aluminium Sukses (HAS), a company under PT HK Metals Utama Tbk (HKMU). The Financial Statement of H1 2022 of HKMU revealed a long-term debt owed to Indonesia Eximbank worth IDR 138.86 billion.
Jodi Pujiyono, Director of HK Metals Utama, claimed that the company’s cash flow will improve as the debt restructuring proposal is approved by LPEI. “The financial expenses are now lower, thus maintaining the business stability,” he added in the information disclosure quoted Thursday (15/9).
The restructuring proposal requested for a reduce of annual interest rate and an extension of instalment grace period until December 2022. In addition, there is also a plan of discharging some of its assets to pay back loan principals.
Said facility was initially signed on October 9, 2017. It is worth IDR 82 billion with an annual interest rate of 10.5% per year and available for 60 months. The company then utilises this facility to take over credit from PT Bank China Construction Bank Indonesia Tbk and fund the construction of aluminium extrusion plant with a capacity of 8,100 metric tons. (LK/ZH)