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JAWA’s shareholders agreed on IDR 1 trillion credit

20 December 2022 10:01

JAKARTA – The shareholders of PT Jaya Agra Wattie Tbk (JAWA) approves the plan of acquiring IDR 1 trillion credit from its parent company, PT Sarana Agro Investama (SAI). This loan is projected to be utilised for operational activities and paying back a syndicate loan with interests.

Harli Wijayadi, Corporate Secretary of JAWA, claimed that the management has been given the green light regarding the material loan. “The directors are given full authority regarding this decision and to sign all agreements and related documents,” he mentioned in the Extraordinary General Shareholders Meeting quoted Tuesday (20/12).

The meeting was attended by a quorum, recording the presence of shareholders that represent 378,766,450 shares or approximately 50.172% of total shares with legal votes. As of November 2022, SAI itself is said to have a claim over 79.99% of 3.77 billion units of shares of JAWA, leaving the remaining 19.99% to the public.

The company will allocate most of the income from operational activities as an instalment for the payment of syndicate loan with its interests. Then, this facility will be treated as financial reserves to pay bank debts and its interests that are due.

The debts and its interests in question include debts that are due within October-December 2022 of IDR 63.5 billion, and debts that are due from 2023-2027 of IDR 279.3 billion, IDR 304.7 billion, IDR 342.8 billion, IDR 380.9 billion, and IDR 507.8 billion, respectively.

After this shareholders’ approval, JAWA will then record a total loan facility worth IDR 2.5 trillion. For the record, as of September 2022, the company had also secured a facility from SAI worth IDR 1.5 trillion. (LK/ZH)

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