JAKARTA - PT Ancara Logistics Indonesia Tbk (ALII) has increased its shares portion in its subsidiary, PT Mahakam Coal Terminal (MCT), from 70% to 78.12% through the issuance of 342,000 new shares.

The extra capital for MCT will be used to settle its debts to OCP Asia Fund IV dan V (SF1) Pte Ltd earlier than scheduled.

In the issued prospectus quoted today (17/12), ALII is placing 30,780 shares, or 90% of 342,000 shares, worth IDR 307.8 billion to MCT. The remaining 3,420 shares, worth IDR 34.2 billion are taken over by Honardy Boentario (HB).

The funds received by MCT will then be used to speed up the settlement of term loan worth USD 62 million to OCP, which was obtained on June 14, 2023.

ALII reportedly utilised credit facility from PT Bank Mandiri (Persero) Tbk (BMRI) worth IDR 342 billion to boost its capital in MCT. The availability period is set to 60 months since the agreement was signed last week (12/12).

The collaterals for the facility were mortgage of 31 units of barges, 25 units of wood tugboats, and one unit of Floating Transhipment Vessel, fiduciary collateral over insurance, account receivables, office building, billings, and office equipment. (LK/ZH)