Link Net Owned By Conglomerate Mochtar Riady Disburses IDR 1 Trillion In Debt From Bank Mandiri

JAKARTA - The company providing multimedia and internet services is PT Link Net Tbk. reported to have just disbursed a loan facility of Rp. 1 trillion from Bank Mandiri.

Citing the disclosure of information submitted to the Indonesia Stock Exchange (IDX), the business entity with the ticker LINK actually has a credit facility of up to IDR 1.5 trillion from the state bank.

"The facility is used for capital expenditure purposes and for financing the company's activities in general," said Corporate Secretary of Link Net Johannes in an official statement, Monday, June 7.

For these activities, the company then explained if there was a change in total liabilities of more than 20 percent at the end of the first quarter of 2021 to Rp4.23 trillion.

This figure jumped 33.35 percent or equivalent to Rp. 1.05 trillion from the December 2020 book closing record of Rp. 3.17 trillion.

"The disbursement of the facility can help the company's financial performance in the current year and will not have a material impact on the company's operational activities and business continuity," said Johannes.

In terms of ownership structure, PT Link Net Tbk. controlled by Asia Link Dewa Pte. Ltd. which holds 35.55 percent of the company's shares. Followed by the "sister company" PT First Media Tbk at 27.9 percent, UBS AG LDN BRANCH - UBS AG LONDON 6.47 percent, and the public 26.18 percent.

To note, Link Net and First Media are business entities affiliated with the Lippo Group owned by conglomerate Mochtar Riady.