JAKARTA. PT PP Presisi Tbk (PPRE) and one of its subsidiaries, PT Lancarjaya Mandiri Abadi (LMA), have secured a credit facility of IDR 600 billion from PT Bank Rakyat Indonesia (Persero) Tbk (BBRI).

Said credit facility is split into IDR 400 billion for LMA and IDR 200 billion for PPRE. The credit facility agreement was signed on December 26, 2022.

Mohammad Arif Iswahyudi, Director of Finance of PPRE, claimed that the credit facility from BBRI will aid the company in securing new contracts and sustaining its financial situation. “LMA and the company will be supported in procuring new projects from both the government and private sector, which will be funded by banks,” he said in the information disclosure today (3/1).

“Regarding our financial affairs, this might help reinforce LMA and the company’s financial condition through collecting down payment and term income from these projects,” Iswahyudi further added.

The guarantee submitted for this credit facility are in the form of LMA and the company’s receivables worth IDR 720 billion, which acts as the primary guarantee. Then, the additional guarantee is in the form of a tract of land of LMA of 1,706 square metres in Bogor.

The credit facility will be available until January 9, 2024. LMA and PPRE will be charged with 10% interest rate, which is reviewable based on BBRI’s reference interest rate. (KR/ZH)