JAKARTA. PT United Tractors Tbk (UNTR) has signed an amendment of credit agreement with one of its subsidiaries, PT Patria Maritime Lines (PML).

Sara K. Loebis, Corporate Secretary of UNTR, mentioned that said loan was initially received on May 29, 2019. The company and PML have also amended the credit agreement a few times prior.

In the latest agreement amendment, UNTR is said to raise the credit ceiling to IDR 1.59 trillion. Initially, it only channelled IDR 460 billion of credit to PML.

Meanwhile, the credit tenor is also extended to 72 months since the last withdrawal. The initial tenor was agreed to a maximum of 60 months since the last credit withdrawal date.

According to IDNFinancials data, PML is a business entity under UNTR that is engaged in the domestic shipping business. The company, established in 2008, recorded total assets before elimination of IDR 1.85 trillion. (KR/ZH)