JAKARTA. PT Fajar Surya Wasesa Tbk (FASW), a manufacturer of paper cup and packages, has signed a subsidiary loan facility agreement with PT Dayasa Aria Prima (DAP).

Marco Hardy, Corporate Secretary of FASW, mentioned that DAP is one of the company’s subsidiaries with ownership portion of 99.9%. DAP is engaged in the paper manufacturing industry and started its commercial operation in 2018, according to Financial Report of FASW.

The loan channelled by FASW to DAP reaches USD 50 million, equal to IDR 755.89 billion using currency exchange rate of IDR 15,119.6 per USD.

The loan facility will be available for 3 years. “In order to support working capital funding,” said Hardy in the official disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, FASW only recorded cash and cash equivalent of IDR 64.73 billion and total assets of IDR 12.84 trillion as of June 30, 2024. However, in March 2024, the company recently obtained a loan facility worth IDR 2.25 trillion from PT Bank Permata Tbk (BNLI). (KR/ZH)