JAKARTA - PT Citra Borneo Utama Tbk (CBUT) has secured a loan facility worth a total of IDR 2.93 trillion from PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). Said facility will be used to expand its refinery plant, pay off obligations owed to banks, and enhance working capital.

In the information disclosure quoted Monday (23/10), Deni Agustinus, Head of Corporate Secretary of Citra Borneo Utama, said that the transaction agreement was signed last week (18/10).

The facility consists of special transactional credit limited to IDR 850 billion with an interest rate of 9.25% per annum available for 72 months, a working capital credit of USD 72.5 million with an interest rate of 6.50% per annum for 12 months, another working capital credit with withdrawal approval (W/A) of USD 20 million with an interest rate of 6.50% per annum for 12 months, and forex line facility of a maximum of USD 40 million.

Some of those facilities will be used for expansion of refinery plant, paying off working capital credit owed PT Bank Negara Indonesia (Persero) Tbk (BBNI), and improving its working capital.

In the first half of 2023, this issuer recorded sales of IDR 4.48 trillion, declining from IDR 4.70 trillion seen in H1 2022. However, its operating profit rose from IDR 112.23 billion to IDR 118.10 billion, as did its current year’s profit from IDR 29.06 billion to IDR 89.19 billion. (LK/ZH)