JAKARTA - PT Pakuan Tbk (UANG) secures a loan of a maximum IDR 470 billion from PT Bank Central Asia Tbk (BBCA) in relation the the development of Shila at Sawangan and Vasanta Ecotown. Approximately IDR 200 billion of said loan is guaranteed with a cross collateral with two of its affiliates.

In the information disclosure quoted Wednesday (8/5), two affiliated companies of UANG in question are PT Sirius Surya Sentosa (SSS), the owner of 60.6% of UANG, and PT Jakarta Investindo Indonesia (JII), a subsidiary of UANG with ownership of 99.99%.

The local credit facility granted by UANG and JII is worth IDR 20 billion, with an investment credit of IDR 450 billion, received in two tranches. Tranche A has a principal of IDR 353.97 billion, while Tranche B is set to a maximum of IDR 96.02 billion. Meanwhile, the local credit facility given to SSS is worth a maximum of IDR 20 billion, followed by Tranche A of IDR 63.61 billion and Tranche B of IDR 116.38 billion.

The cross collateral guarantee for this facility includes a pledge of a minimum 99% of JII's shares owned by UANG, as well as land and building worth IDR 10 billion each. Said transaction value is equal to 120.87% of total equity worth IDR 241.74 billion recorded in December 2023.

The decision regarding guarantee submission will be approved during Independent General Meeting of Shareholders, which has been set to June 14, 2024. (LK/ZH)