JAKARTA - PT Indo Oil Perkasa Tbk (OILS) acquires approval regarding the request of bank loan with a guarantee worth over 50% of its total assets. This approval was finally obtained during the second round of Extraordinary General Meeting of Shareholders (EGMS) after the initial turndown.

The data received by IDNFinancials today (20/6), the EGMS last week (14/6) was attended by the holder of 319.27 million shares, or 70.315% of the total listed shares of OILS of 454.05 million shares. In this meeting, the shareholders agreed upon the allocation of assets as guarantee, including its receivables, inventory, and machine worth over 50% of OILS’s total assets. The potential creditors are PT Bank UOB and other financial institutions.

Previously during the first round of the EGMS on June 26, the attending parties only represented 325.82 million shares or 71.7584% of the total listed shares of OILS. It also intended to discuss the approval of over 50% assets as collaterals, as well as the change of Article 17 of OILS’s Articles of Association. However, the approval had yet to be obtained as the meeting had not met the quorum as well as the requirement stating that the meeting shall be attended and agreed by over ¾ of the total valid votes present in the meeting.

Until December 2022, OILS recorded total assets of IDR 157.98 billion, increasing from IDR 131.66 billion seen in 2021. The total equity also grew from IDR 77.06 billion to IDR 82.78 billion.

In 2022, OILS’s revenue also increased from IDR 375.30 billion to IDR 514.20 billion, as did its current year’s profit from IDR 6.02 billion to IDR 6.81 billion. (LK/ZH)