JAKARTA. PT Wijaya Karya (Persero) Tbk (WIKA) has signed a contractor working capital credit facility agreement worth IDR340 billion from PT Bank Tabungan Negara (Persero) Tbk (WIKA).
The credit facility will be used to finance thenPiling and Civil Project of the Manyar Smelter Area, according to Mahendra Vijaya, Corporate Secretary of WIKA. This credit facility is secured by a fiduciary in the form of a bill of IDR425 billion, for the company’s work contract with PT Chiyoda International Indonesia.
Vijaya said that the provision of credit facilities was an affiliated transaction, as regulated by the Financial Services Authority (OJK). “There is an affiliation relationship between the transacting parties, namely between the company and BTN, both of which are BUMN,” explained Vijaya.
With this credit facility, Vijaya admitted that the working capital financing needs for the company’s projects can be met. Especially the financing of the Manyar Smelter work, which is located in Gresik, East Java.
According to data from idnfinancials.com, WIKA has cash and cash equivalents of IDR 6.98 trillion as of December 31, 2021. The company’s cash position decreased by 53.29% compared to the end of 2020. (KR/LM)
Source: idnfinancials.com.sg May 27, 2022