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Merdeka Copper Gold secures collaterals of USD 225 million

www.idnfinancials.com

Wed 04 Jan 2023, 08:00 AM

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PT Merdeka Copper Gold Tbk (MDKA) has received securities for receivables from some of its subsidiaries worth a total of USD 225 million.

The management of MDKA said that these collaterals are obtained from PT Merdeka Battery Materials (MBM), PT Merdeka Energi Industri (MEI), and PT Merdeka Industri Mineral (MIM). The collaterals given to MDKA by its subsidiaries are in various forms, including account mortgage, fiduciary assignment of receivables, and moratorium.

These securities were given following the agreement between MDKA and MBM dated July 29, 2022. Based on this agreement, the company recorded receivables worth USD 225 million from MBM.

“The transaction takes place after considering the way to reduce the risk of default of MBM’s debts owed to the company,” the management of MDKA added in the official release.

For the record, this transfer of securities for receivables is categorised as an affiliate transaction as regulated by the Financial Services Authority (OJK). However, it is not a material transaction as the value of this transaction does not reach over 20% of MDKA’s total equity.

Image source: KR/ZH

Source: https://www.idnfinancials.com/news/45585/merdeka-copper-gold-secures-collaterals

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