Garudafood Owned By Conglomerate Sudhamek Agoeng Waspodo Gets IDR 1 Trillion Credit From BNI, Used To Pay Debts

Conglomerate Sudhamek Agoeng Waspodo. (Photo: Doc. Antara)

JAKARTA - Snack food producer, PT Garudafood Putra Putri Jaya Tbk received a credit facility from PT Bank Negara Indonesia Tbk (BNI) worth IDR 1 trillion. The funds will be used by the company owned by the conglomerate Sudhamek Agoeng Waspodo to repay or refinance part of the syndicated loan.

Garudafood's Corporate Secretary, I Made Astawa, said that the food and beverage issuer with the code name GOOD obtained a loan with an interest rate of 1 month JIBOR plus 1.3 percent per year. This level, said Made, is below the interest rate range in the banking market for similar loans.

Meanwhile, the tenor of the loan facility is 60 months or until November 22, 2026. This transaction will be carried out under a revolving loan scheme for the duration of the loan.

"The company gets a better alternative financing to replace the existing loan balance in order to continue to look for better and more efficient breakthroughs, but still maintain quality," said Made Astawa in an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted Thursday, November 25.

Astawa said that this credit facility transaction does not require a shareholder's decision. In addition, this transaction will not have a negative impact on the company's financial condition.

Previously, the peanut producer Garuda and Gery Chocolatos had borrowed Rp200 billion from PT Mulia Boga Raya Tbk (KEJU), on Monday, August 23. The loan is an affiliated transaction because 66.07 percent of Mulia Boga Raya's shares are owned by Garudafood.

This transaction is considered to have an impact on reducing the cost of funds or cost of funds from Garudafood. Thus, lending to the subsidiary will increase profits and profitability as well as solvency.