Friday, 10/15/2010 14:51:41 AM
Akasha Wira pocketed IDR200 billion loan commitment
By: Irvin Avriano A.
JAKARTA: PT Akasha Wira International Tbk, a manufacturer of bottled drinking water brand Ades and Nestle Pure Life, has secured a loan from PT Bank Internasional Indonesia Tbk worth maximum IDR200 billion.
In the official disclosure to the Indonesia Stock Exchange today, the emitters mentioned the loan which was signed on September 2nd will be used to acquire assets of hair cosmetics company PT Damai Sejahtera Mulia worth US$5 million. The amount is equivalent to IDR45 billion, according to company calculations.
"A total of IDR35 billion from the loan will be used to acquire assets of Damai Sejahtera," as quoted from the release.
The company will also use internal funds in the amount of IDR13.5 billion for the asset acquisition.
In addition to acquiring assets Damai Sejahtera, the company can also use the bank loan funds for an investment of IDR70 billion, repayment of long-term loan amounted to IDR65 billion, the common use of IDR15 billion, and working capital up to IDR50 billion.
The loan will be secured by first mortgage in the form of fixed assets, including assets to be acquired, fiduciary transfer of company assets in the form of production machinery and equipment, fiduciary transfer of accounts receivable and inventories, and fiduciary transfer of bank accounts.
Assets pledged as collateral that is largely owned assets of the company, so if there is a risk of default on the cessation of operational activities.
The loan agreement also limits the conditions of default that consists of not to pay interest, principal, or other payment payable at maturity and the representations and warranties provided bt Akasha Wira is not true.
The loan will be charged interest at 13% per annum which can be reviewed periodically with the loan period of 5 years.
Akasha shares that coded ADES corrected 18.75% to IDR2.275 level and formed IDR1.34 trillion market capitalization.(Yes)