Menara Company From Conglomerate Hartono Brothers' Djarum Group Get A Total Credit Of Rp3 Trillion From BTPN And CIMB Niaga

Illustration. (Photo: Pixabay)

JAKARTA - A subsidiary of the Djarum Group telecommunication tower issuer, PT Sarana Menara Nusantara Tbk (TOWR) has again received loan facilities from banks. The company owned by the Hartono Brothers conglomerate has credit facilities from Bank BTPN and Bank CIMB Niaga.

The total value of the facility reaches Rp3 trillion. The details are Rp1.5 trillion each from BTPN and CIMB Niaga.

"The purpose of financing is for capital expenditures, for the needs of corporate borrowers in general, including but not limited to working capital needs," said TOWR Corporate Secretary Irfan Ghazali in an information disclosure released by the company, quoted Sunday 12 December.

Irfan said that the loan from BTPN could be used for the needs of the entire Protelindo subsidiary, or it could be shared with two other TOWR subsidiaries namely Iforte and STP, each with a maximum of Rp500 billion. Meanwhile, the loan from CIMB Niaga is purely signed and can only be allocated to Protelindo, TOWR's subsidiary in the tower leasing sector.

However, in this agreement, Iforte and STP will continue to participate as guarantors for Protelindo's obligations.

"Obtaining good financing terms and conditions for each Protelindo, STP, and Iforte is expected to have a positive impact on each of the companies in question, and therefore have a positive impact on the company (TOWR)," added Irfan.

In the midst of aggressive steps in the form of mergers, acquisitions, and IPOs by competitors, TOWR, which has existed as an issuer since March 8, 2010, has been aggressive in adding credit facilities in the past year.

Based on previous Business calculations, until the end of August 2021, TOWR has added or renewed credit facilities with a number of banks up to a range of almost Rp13 trillion.