JAKARTA – PT Suryalaya Anindita International (SAI), a subsidiary of PT Surya Semesta Internusa Tbk (SSIA), has recently signed a credit agreement with PT Bank Central Asia Tbk (BBCA) for a principal amount of IDR 1.4 trillion.

According to today's disclosure (9/1), the credit agreement was signed by SAI and BBCA on January 7, 2024.

"The loan facility has a maximum term of 10 (ten) years from the signing date," explained Yulean, Corporate Secretary of SSIA, in the company's official statement.

The credit facility is divided into two tranches: tranche A, with a credit ceiling of IDR 1.2 trillion, and tranche B, valued at IDR 215 billion.

Tranche A will be used for the renovation of Melia Bali Hotels & Resorts. Meanwhile, tranche B will be allocated for the extension of the land utilisation deed held by Injourney Tourism Development Corporation (ITDC), also for the benefit of Melia Bali Hotels & Resorts.

"There will be no operating income from Melia Bali Hotels & Resorts in 2025 due to the ongoing renovation," stated Yulean.

However, Yulean also expressed that with the renovations funded by this credit facility, the assets and consolidated revenue of SAI and the Company will increase, although liabilities will also rise.

"There will be additional interest expenses from the loan facility, as well as added depreciation from the renovation," Yulean concluded. (ZH)