The Company Owned By Conglomerate Perajogo Pangestu Received A Loan Of IDR 840 Billion From DBS

Prajogo Pangestu Conglomerate together with Indonesian President Joko Widodo (Jokowi). (Photo: Doc. Antara)

JAKARTA - A petrochemical company owned by conglomerate Prajogo Pangestu, PT Chandra Asri Petrochemical Tbk, has received a structured trading facility worth the US $ 60 million from Bank DBS. This value is equivalent to IDR 840 billion when referring to the exchange rate of IDR 14,000 per the United States dollar (US).

President Director of Chandra Asri, Erwin Ciputra, said that this facility was provided to support the efforts of the company codenamed TPIA to increase export growth of petrochemical products from Indonesia.

"DBS Bank's track record of understanding client needs, running complex structures, combined with their focus on long-term partnerships has been and continues to be a key element of their strength. We are delighted to continue a strong relationship with DBS Bank which supports our strategic plan. for export growth of petrochemical products”, said Erwin Ciputra, in his written statement, Sunday, February 21.

Some time ago, Chandra Asri completed the construction of the Butene 1 and Methyl Tert-Butyl Ether (MTBE) factories for the first time in Indonesia in 2020 on time in the midst of the COVID-19 pandemic.

This is in line with the company's plan to integrate vertically, support domestic consumption, and increase export sales of monomers and polymers from Indonesia to improve the country's balance of payments.

Bank DBS has provided facilities to Chandra Asri as a corporate customer since 2005, with various banking services, such as digital banking, cash management, trade facilities, treasury, debt capital market, and financing that focuses on Chandra Asri's needs comprehensively.

DBS Bank Group Head of Institutional Banking Tan Su Shan said this uniquely structured trade finance solution gave Chandra Asri the ability to reach, scale and diversify access to competitive financing.

Tan hopes to continue working with TPIA and helping more companies from Indonesia develop and grow internationally.

"Unlike the usual trading facilities, the facility structure provided to Chandra Asri uniquely integrates a combination of trading products to provide a solution that suits your needs", explained Tan.