JAKARTA. PT Mandom Indonesia Tbk (TCID), a cosmetic and cleaning product manufacturer, has signed a credit agreement amendment with one of its own subsidiaries, PT Alliance Cosmetics (PTA).

Alia Dewi, Corporate Secretary of TCID, said that the amendment of this credit agreement is made following the increased credit ceiling granted by the company to PTA. The additional credit ceiling agreed by both parties is IDR 5 billion.

The raised credit ceiling is available for one year, starting from August 14, 2023. Meanwhile, the interest rate is set to 4% per annum until August 2023, and 6% per annum until August 2024. 

"The purpose of credit is to support the needs and operational activities of PTA," DEWI said in the official statement. 

According to IDNFinancials, TCID and PTA had previously revised the credit agreement in December 2022 to raise the credit ceiling to IDR 6 billion. The principal credit agreement itself was signed in August 2022 with the limit of IDR 10 billion. (KR/ZH)