PT Bank Rakyat Indonesia Tbk (IDX: BBRI) provided loan facilities worth IDR 2.445 trillion to two subsidiaries of PT Golden Energy Mines Tbk (IDX: GEMS) for working capital on September 26, 2023.
GEMS Corporate Secretary, Sudin explained, the loan facility will be used as working capital to support the company's growth and performance.
"This loan facility will strengthen financial conditions because there are additional working capital facilities," wrote Sudin in an official statement on the Indonesia Stock Exchange (IDX) website, Wednesday (27/9/2023).
He detailed that Borneo Indobara is a subsidiary of GEMS, received a working capital loan facility worth IDR 2.2 trillion with a term of 12 months.
Meanwhile, Barasentosa Lestari received a working capital loan of IDR 225 billion with a term of 12 months.
GEMS reported short-term bank debt of USD 37.35 million at the end of June 2023.
Meanwhile, long-term bank debt is worth USD 45.37 million.
As a result, the company had to incur financial costs worth USD 6.8 million.
Image source: www.goldenenergymines.com