JAKARTA. PT Keramika Indonesia Asosiasi Tbk (KIAS) has channelled a loan facility worth IDR 90 billion to one of its subsidiaries, PT KIA Keramik Mas (KKM).

According to IDNFinancials data, KKM is a subsidiary under KIAS with a stock ownership portion of 99.21%. The remaining 0.79% belongs to SCG Cement-Building Materials Co Ltd.

KKM itself is engaged in the clay-based ceramic roof tile manufacturing business. It has been commercially operating since 1984 and now records total assets before elimination of IDR 525.65 billion.

The management of KIAS said that this loan is given as a funding support for KKM amidst the vigorous competition in the ceramic industry. “In order to stay competitive and follow the technology development and the trend in the ceramic industry, the company is in need of investment and adequate funding,” the management of KIAS mentioned in the information disclosure in Indonesia Stock Exchange (IDX).

Until June 30, 2023, KIAS recorded total cash of IDR 111.82 billion, while total assets clocked up to IDR 1.06 trillion, and total equity reached IDR 819.47 billion. (KR/ZH)