JAKARTA. PT Jaya Agra Wattie Tbk (JAWA), a rubber and palm plantation company, has extended the credit tenor secured from its ultimate shareholder that have been overdue.

“The company has signed an overdue loan facility extension agreement from PT Sarana Agro Investama (SAI),” said Harli Wijayadi, Corporate Secretary of JAWA, in its official statement.

According to IDNFinancials data, JAWA received no-interest loan facility from SAI in 2022. The total loan value reached IDR 1 trillion.

Most of the facility was utilised to pay off instalment of maturing bank loans and interest. The request for ultimate shareholder loan had been submitted in November 2022, but only managed to obtain approval from Extraordinary General Meeting of Shareholders in December 2022.

As of now, SAI controls 80% of JAWA, while public investors own another 20%. (KR/ZH)