Ifishdeco increases loan limit for subsidiaries to IDR 20 billion
JAKARTA. PT Ifishdeco Tbk (IFSH), a nickel ore mining issuer, has signed an addendum to a debt and receivables agreement with one of its subsidiaries, namely PT Berkat Nikel Indonesia (BNI).
Muhammad Ishaq, Director of IFSH, said that the addendum to the agreement increased the loan limit provided by the company to BNI to IDR 20 billion. The loan term remains as per the initial agreement.
"The consideration and reason for carrying out this transaction is to increase working capital in efforts to develop the business," said Ishaq, through information disclosure on the Indonesia Stock Exchange (BEI).
According to idnfinancials.com data, BNI is a subsidiary of IFSH which runs a processing business and has not yet operated commercially. As of March 30 2023, total assets before BNI's elimination were recorded at IDR 2.85 billion.
Meanwhile, IFSH has quite strong cash, namely IDR 122.02 billion and total assets of IDR 1.23 trillion. As for the company's total equity, it was recorded at IDR 633.94 billion. (KR/LM)