JAKARTA – PT Seino Indomobil Logistics (SIL), a joint venture made by PT Indomobil Multi Jasa Tbk (IMJS) and Seino Holdings Co Ltd, secures a syndicated loan of IDR 1.11 trillion.

Andrew Nasuri, President Director of Seino Indomobil Logistics, claimed that this loan facility will be allocated to capital expenditure. “We believe that this facility will further support our business to expand into the biggest and the best logistics company in Indonesia,” he said in the information disclosure quoted Friday (26/5).

The banks included in this syndicate are PT Bank BTPN Tbk (BTPN), PT Bank DBS Indonesia, PT Bank Mayapada Internasional Tbk (MAYA), PT Bank Mizuho Indonesia, and Bank of China (Hong Kong) Ltd, Jakarta Branch. The facility had been reportedly signed early May 2023.

SIL is known to have started its operation since 2016, recording total assets of IDR 5.42 trillion in March 2023. It is controlled by IMJS with 74.90% ownership.

On the other hand, Nathan Christianto, Head of Wholesale, Commercial, and Transaction Banking of Bank BTPN, believes that the loan distribution to SIL will boost BTPN’s performance. Until March 2023, BTPN’s credit distribution had grown 5% year-on-year (yoy) to IDR 149.90 trillion from IDR 142.7 trillion seen in Q1 2022. (LK/ZH)