JAKARTA - PT Petrosea Tbk (PTRO) has secured an investment and working capital credit worth over IDR 7.5 trillion from PT Bank Central Asia Tbk (BBCA). Said facility is given in the form of US Dollar (USD) and Indonesian Rupiah (IDR).

Kartika Hendrawan, Chief Investment Officer of PTRO, mentioned that said credit facility was signed yesterday (29/5). “The facility will be utilised to promote business expansion, enhance working capital, and refinance of bank loans,” Hendrawan added in the information disclosure quoted today (30/5).

Said facility include investment credit in foreign currency of USD 240 million or equal to IDR 3.87 trillion, assuming that the forex exchange rate used is IDR 16,160 per USD, as well as a facility of IDR 1.3 trillion. In addition, there is also a working capital in foreign currency of USD 170 million or IDR 2.74 trillion.

It is mentioned that the company is targeting to scale up its production by acquiring several new contracts in engineering, procurement, and construction (EPC), as well as mining sectors.

As of Q1 2024, PTRO’s total assets clocked up to USD 710.62 million, and liabilities reached USD 476.11 million. Its total equity was recorded at USD 234.50 million.

Its revenue was at USD 156.25 million, while net profit attributable to the parent entity only reached USD 163,000. (LK/ZH)