ID FOOD Gets PMN Non-cash In The Form Of Conversion Of Receivables Worth IDR 2.56 Trillion

Illustration of Rupiah (Photo: Doc. intermediate)

JAKARTA - Commission IX of the DPR RI approved the implementation of non-cash PMN to PT. Rajawali Nusantara Indonesia (Persero) as the Food SOE holding, ID FOOD in the form of a conversion of receivables worth IDR 2.56 trillion.

Deputy Chairman of Commission XI DPR RI Fathan said that the provision of non-cash PMN aims to improve the capital structure of ID FOOD as a holding for state-owned food industry.

"Commission IX of the DPR RI approved the implementation of PMN Non-Cash FY 2023 in the form of Converting Revenue of State Budget Receivables for Fiscal Year 2023 amounting to IDR 2.56 trillion to PT. Rajawali Nusantara Indonesia (Persero)," he said when delivering the conclusion of the DPR Commission XI meeting with DJKN, written Thursday, September 21.

Director General of State Assets of the Ministry of Finance Rionald Silaban said the non-cash PMN given to ID FOOD was receivable from 1975 to 2012 which came from accounts and investments, subsidies of loan agreement (SLA) and also came from former BPPN to PT Rajawali Nusantara Indonesia.

Rionald said that the provision of non-cash PMN was one of the milestones after the formation of the ID FOOD holding.

With this additional non-cash PMN, said Rionald, it is hoped that it will be able to improve the capital structure of the food industry BUMN holding and improve the financial ratio. So that it will provide space for RNI later to increase the company's leverage.

"As is well known, ID FOOD is asked to be active in helping food security," said Rionald.

Furthermore, said Rionald, the provision of non-cash PMN will be able to reduce the interest expense borne by PT Rajawali Nusantara Indonesia so that it can have a positive influence on the profit of the competition.

"This will strengthen equity and capital structure and hopefully with that, we can have potential dividend payment benefits in terms of ID FOOD can generate net profit," he said.

Similarly, ID FOOD President Director Frans Marganda Tambunan said the main impact of this additional non-cash PMN was a decrease in liabilities and resulted in a significant decline in DER in 2023 from 1.08 times to 0.74 times so that there would be improvements in the company's capital structure.

"In closing, we hope that the provision of non-cash PMN in 2023 will improve the company's performance in the future, especially the ID FOOD position as a food SOE holding," he said.