JAKARTA – PT Bank KB Bukopin Tbk (BBKP) sold off non-performing loan (NPL) and risky credit (Loan at Risk/LAR) worth IDR 4.13 trillion for IDR 2.65 trillion to IDMN United Pte Ltd (IUL), Singapore. This transaction is 31.31% of the company’s equity dated December 2021.
Helmi Fahrudin, Director of Bank KB Bukopin, claimed that said these non-performing assets were sold in exchange for private bonds worth USD 180 million with a five-year tenor. “The bonds are paid semi-annually with a coupon of 2% per annum for the first and second year, 3% per annum for the third year, 4% per annum for the fourth and fifth year,” he said in the information disclosure quoted Friday (24/6).
According to Fahrudin, this sale will improve the financial condition of the company and help to build a more solid risk portfolio. Additionally, said transaction will cut down NPL to 4.94% and LAR to 3.60% by the end of 2022 from 10.66% and 4.91%, respectively, in December 2021.
For the record, the company and IUL are not affiliated. The transaction was finalised earlier this week on June 21, 2022. (LK/ZH)