Cisadane Sawit (CSRA) Allocates IDR 390 Billion Loan Funds for Working Capital

February 20, 2024, 01.25 AM  | Reporter: Pulina Nityakanti
Cisadane Sawit  (CSRA) Allocates IDR 390 Billion Loan Funds for Working Capital

ILUSTRASI. Harvesting oil palm in a plantation belonging to?PT Cisadane Sawit Raya Tbk (CSRA) in South Tapanuli.

CORPORATE STRATEGIC - JAKARTA. PT Cisadane Sawit Raya Tbk (CSRA) has received a credit facility from PT Bank Mandiri (Persero) Tbk. According to the disclosure of information on Monday (19/2), CSRA received several loan amounts for different purposes. The transaction was made on February 5, 2024.

CSRA management stated that the company received a working capital credit facility of IDR 40 billion and IDR 20 billion. Then, an investment credit facility 2 of IDR 240 billion and a palm oil mill (PKS) investment credit facility of IDR 90 billion.

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"The PKS investment credit facility of IDR 90 billion was received by PT Samukti Karya Lestari and provided additional guarantees to Bank Mandiri," said the management in the disclosure of information.

The transaction is considered a material transaction because the execution of the transaction has a value of more than 50% of PT Samukti Karya Lestari's equity, which is 88.65%.



The interest on the credit facility provided by the bank is 8.5% per year and can change according to applicable regulations. The term of the working capital facility is from the date of signing the agreement, which is February 5, 2024, until February 4, 2025.

For the investment credit facility, the term is from February 5, 2024, until February 4, 2034. Meanwhile, the term of the PKS credit facility is from February 5, 2024 until February 4, 2032.

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The company also provided five business use rights certificates (HGU) as collateral. Bank Mandiri also does not prohibit the company from making decisions without asking for the bank's approval.

"The provision of credit facilities from the Bank to support the implementation of business development, as well as the operation and maintenance of PKS," wrote the management.

Editor: Syamsul Azhar

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