JAKARTA - PT Bank Maybank Indonesia Tbk (BNII) will reportedly put land and building of PT Dafam Mambo International (DMAM), a subsidiary of PT Dafam Property Indonesia Tbk (DFAM), in auction. This asset, worth IDR 72.71 billion, is located in Semarang, Central Java.

Soviadi Nor Rachman, Corporate Secretary of DFAM, mentioned this decision to offer the assets in auction is made after negotiation efforts with BNII fell through. “DMAM’s credit collateral in Maybank has been set to be auctioned,” Nor Rachman confirmed today (21/11).

According to Nor Rachman, the remaining proceeds from the auction, after settling the bank debt, will be used to boost DMAM’s capital.

BNII is known to have allocated term loan and overdraft loan with limit set to IDR 50 billion in December 2016. The tenor was set to 108 months and interest rate at 10.50% per annum.

However, on April 1, 2022, DMAM carried out an addendum of credit restructuring agreement, which requests additional grace period from April 15, 2022, to March 13, 2023, plus deferring interest payment of 25% for 6 months, starting from April 15 to September 15, 2022.

In addition, the addendum mentions the obligation to pay all deferred interests of IDR 4.95 billion, installed for 24 months after the grace period. It also modified “extracompt 4,” from the initial fine on obligation deference of IDR 36.70 billion, to deference of remaining interest of 25%, based on the fourth Covid-19 restructuring scheme, amounting to Rp492.51 billion over six months. (LK/ZH)