JAKARTA. PT Batavia Prosperindo Trans Tbk (BPTR), a transportation service provider under Batavia Group, has acquired an investment credit facility of IDR 470 billion from PT Bank Mandiri (Persero) Tbk (BMRI).

BPTR said that this credit facility will be used to support its vehicle rental service business line. “The company is in need of funding source for vehicle acquisition and as a leverage in order to conduct operational activities so that the capital utilisation becomes more efficient and effective,” said the management in the official statement.

The interest rate applied by BMRI for this facility is 7.75% per annnum (p.a.), a fixed rate for 1-4 years, and a minimum of 7.5% p.a. using a floating rate for the 5th years.

This credit facility will be withdrawn by BTPR deliberately, with withdrawal period available for 12 months since the credit agreement signing on July 11, 2024.

For the record, BPTR will be prohibited from conducting some corporate actions before the loan is fully paid back. Those corporate actions include merger, acquisition, asset divestment, and transferring the collateral of this credit facility.

According to IDNFinancials data, BPTR recorded total assets of IDR 1.60 trillion as of March 31, 2023. However, its cash and cash equivalent was only IDR 29.95 billion. Its total equity, however, was reported at IDR 516.25 billion. (KR/ZH)