BCA, The Bank Owned By The Richest Person In Indonesia Lends IDR 100 Billion To The TP Rachmat Conglomerate Company

TP Rachmat conglomerate. (Photo: Doc. Triputra Group)

JAKARTA - PT Bank Central Asia Tbk (BCA) and PT Bank BCA Syariah provide working capital loans to a transportation service company, PT Adi Sarana Armada Tbk (ASSA)

BCA is a banking company owned by the Hartono brothers (Michael Bambang Hartono and Budi Hartono), who are the richest people in Indonesia. Meanwhile, Adi Sarana Armada is a business entity of the Triputra Group, owned by the 16th richest person in Indonesia, TP Rachmat.

Quoted from the disclosure of information on the Indonesia Stock Exchange (IDX) website, Wednesday, March 10, PT Adi Sarana Armada Tbk signed a Credit Agreement with the issuer coded as BBCA shares for additional credit facilities from the bank, namely in the form of an Installment Loan Facility with a principal amount of IDR 100 billion for the development of the company's subsidiary.

Proceeds from the Installment Loan Facility from the Bank will be used for the development of Adi Sarana's subsidiary, namely PT Tri Adi Bersama. Adi Sarana has also signed a Credit Agreement with PT Bank BCA Syariah for the addition of a Musyarakah (revolving) working capital financing facility of IDR 50 billion to increase the Company's working capital.

The receipt of the Musyarakah (revolving) working capital financing facility from the Bank will be used for the development of the company's business, namely PT Tri Adi Bersama, to develop its business activities.

"This is expected to make a positive contribution because it is in line with the company's main business", said Adi Sarana Armada's Corporate Secretary, Hindra Tanuiava.

Adi Sarana Armada is targeting to be able to reap IDR 4 trillion in revenue throughout 2021. In general, ASSA targets a performance growth of around 20-30 percent this year.

For information, as of February 39, 2020, ASSA shares are still controlled by PT Adi Dinamika Investindo with an ownership of 25.08 percent. PT Daya Adicipta Mustika holds 19.17 percent of shares, Prodjo Sunarjanto 10 percent.

The tycoon, TP Rachmat narrowed 5.21 percent. The remaining 40.54 percent is held by the public.