Government Agrees To IDR 2.65 Trillion Of ID FOOD Debt Converted To PMN

JAKARTA - Food SOE Holding or ID FOOD recorded a debt to the government of IDR 2.65 trillion. ID FOOD also proposed getting an injection of non-cash State Equity Participation (PMN) in the form of converting government receivables into equity.

President Director of ID FOOD, Frans Marganda Tambunan revealed that the government through the Ministry of Finance (Kemenkeu) and Commission XI of the DPR RI have agreed that non-cash PMN of IDR 2.65 trillion will be converted from government receivables.

The government receivables occurred from 1975 to 2012 which was contributed by PT RNI, PT PG Rajawali II, PT Perinus, PT SHS, PT Pertani, PT PPI, and PT Perikanan Indonesia.

"To return to the government yesterday, it happened that we got non-cash PMN, so our debt has been converted into an equity of approximately Rp. 2.65 trillion," said Frans at the Ministry of SOEs, Jakarta, written Wednesday, October 11.

Frans said the conversion of government receivables to PMN had a positive impact on ID FOOD's financial structure. In fact, it can affect the company's capacity to provide funding with other parties.

"It really helps us improve our financial fundamentals so that it affects our capacity to provide funding with other parties," he said.

For your information, in 2022 the Ministry of SOEs will transfer shares (inbreng) of five SOEs in the food sector to PT Rajawali Nusantara Indonesia (Persero) or RNI or ID FOOD.

The five companies in question include PT Perusahaan Perdagangan Indonesia (Persero), PT Sang Hyang Seri, PT Perikanan Indonesia (Persero), PT Berdikari, and PT Garam.

When the formation of this Food SOE holding was not all healthy companies. As a result, ID FOOD bears a debt of IDR 8.5 trillion to Himbara. Of that amount, IDR 3.5 trillion of which is being restructured.

Bahkan, ID FOOD juga harus membayar bunga utang sebesar Rp600 miliar kepada bank setiap tahunnya. Payan bunga utang tersebut setara dengan 3 persen dari pendapatan ID FOOD.