JAKARTA - PT Provident Investment Bersama Tbk (PALM) obtains a revolving loan facility worth USD 75 million from United Overseas Bank Limited, which will be used for refinancing and enhancing working capital.

In the information disclosure quoted Tuesday (5/9), this facility is guaranteed by the company and PT Suwarna Artha Mandiri (SAM), PALM’s subsidiary, in the form of a pledge of bank account at PT Bank UOB Indonesia.

Said facility will mature 18 months since the agreement was signed and first utilisation date. As of now, this facility has yet to be withdrawn and used.

The facility interest is set to 2.25% per annum for the first 12 months, and 2.75% for the remaining period. The interest will be paid monthly or quarterly, according to the interest period preferred by PALM.

The loan is said to be equal to 27.41% of total equity of PALM as of June 2023 worth IDR 4.16 trillion. (LK/ZH)