JAKARTA. PT Citra Borneo Utama Tbk (CBUT), the issuer engaged in the downstream process of palm refinery sector, has obtained a credit facility from PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) or BRI worth IDR 1 trillion.

The credit facility from BBRI is given in the form of Cash Collateral Credit of Export Proceeds. For the record, this credit facility is related to Government Regulation No. 36 Year 2023 regarding export proceeds from business, refinery, and processing activities of natural resources, which requires CBUT to deposit export proceeds in a separate account within the country.

“The credit facility will be used by the company to support operational activities,” added the management of CBUT in the official statement.

For the record, the credit facility will be available until the enxt 12 months. The interest charged by BRI matches the interest of current account, plus 0.5% per annum, reviewable.

According to IDNFinancials data, CBUT recorded total assets of IDR 3.01 trillion as of September 30, 2023. Meanwhile, total equity was reported at IDR 880.66 billion.

CBUT’s sales within the first nine months (9M) of 2023 reportedly grew 6.15% year-on-year (yoy) to IDR 7.14 trillion. Meanwhile, its net profit proliferated 51.6% yoy to IDR 111.06 billion. (KR/ZH)