JAKARTA - PT Fast Food Indonesia Tbk (FAST), the management of fast food chain KFC, is seeking loan to its majority shareholders to anticipate capital deficiency during the expansion of KFC and Taco Bell outlets.

As of Q3 2024, its cash and cash equivalent was reportedly lower than the cash in December 2023.

According to the information disclosure quoted Wednesday (4/12), FAST is committed to proceed with the expansion of KFC and Taco Bel stores to boost sales.

The company is said to request a working capital credit to its majority shareholders, PT Gelael Pratama (GP) and PT Indoritel, should the cash fall short.

Throughout January-September 2024, total current assets reached IDR 802.74 billion, much lower than total assets in December 2023 of IDR 947.54 billion.

Meanwhile, its cash and cash equivalent also significantly shrank to IDR 87.51 billion as of September 2024 from the initial IDR 208.55 billion at the end of December 2023.

Until October 2024, GP and Indoritel reportedly still owns 40% and 35.48% of 3.99 billion listed shares of FAST. The ultimate beneficial owners of the shares are Elisabeth Gelael, Ricardo Gelael, Rudy Tanudjaja Saputra (Alm), and Martin Tanudjaja Saputra.

As is known, FAST has lowered sales projection to IDR 4.7 trillion from the initial target of IDR 6.9 trillion by 2024. This target adjustment might result from negative sentiment induced by global unrest. (LK/ZH)