JAKARTA. PT Multi Garam Utama Tbk (FOLK), a holding company with several business lines under its belt, has granted aid for a loan facility given to one of its subsidiaries, PT Amazara Indonesia Mudakarya (AIM).

Danny Sutradewa, President Director of FOLK, said that the adjustment given to AIM is in the form of one-year tenor extension. With this addendum to the agreement, the loan facility in question is due for repayment on October 25, 2024.

“For next, the loan facility will be spent on operational activities of AIM,” Sutradewa explained in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, FOLK was just listed as a stock exchange member in August 2023. In its initial public offering (IPO), the company raised IDR 57 billion of fresh funds, most of which is allocated to subsidiaries, including AIM, which has received 12% of the total IPO proceeds. (KR/ZH)