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-5 (-0,65%)

JAKARTA - A subsidiary of PT Panca Budi Idaman Tbk (PBID), namely PT Panca Packindo Makmur, received a loan facility of IDR 150 billion from Bank OCBC NISP. The funds will be used as working capital.

Director and Secretary of the plastic producer Lukman Hakim said Panca Packindo Makmur (PPM) has signed a loan facility agreement with Bank OCBC NISP on October 7, 2022.

Lukman in his information disclosure on the stock exchange, Sunday (9/10/2022) explained that the facilities obtained by PPM from Bank OCBC NISP were secured by several lands and buildings owned by PPM located in East Java. The loan facility will be used by PPM to finance working capital, namely to support market expansion in East Java and Eastern Indonesia

PBID has begun to expand into Eastern Indonesia since late last year, by purchasing a warehouse in East Java. This warehouse purchase was done to penetrate the East Java market, where the opportunity is still quite large. PPM is a subsidiary company which is 99.99% owned directly by PBID. (AM/LM)