Modern Internasional pocketed IDR280 bio loan

Irvin Avriano A.

Modern Internasional pocketed IDR280 bio loan

JAKARTA: PT Modern Internasional Tbk and their subsidiary pocketed a loan from PT Bank CIMB Niaga Tbk worth IDR280 billion to restructuring its another loan.

In an information disclosure to stock market authority yesterday, the emitters explain they will use as much as IDR230 billion of the fund to refinance the company's and PT Modern PutrIndonesia debt to several banks. Modern PutraIndonesia is a subsidiary of Modern Internasional.

"The other, about IDR50 billion, will be used to expand 7-Eleven convenience store outlet," said Modern Internasional Director Donny Sutanto in the disclosure.

Modern Internasional is a big scale consumer goods trading company. It start to diversified its business to convenience store this year and challenge the other already establish convenience store in the country such as Circle-K and AMPM. Previously, they only do business in retailer, photographic, electronics, and telecommunications manufacturer.

They already have more than 1,000 outlets in the country. The company’s portfolio includes Fuji Image Plaza, FujiFilm Digital Imaging, FujiFilm Image Service, Ricoh Copiers and MPhoto Studio.

Shortly after opening their 7-Eleven business, the company already able to capture a lot of customer after introduce a unique one stop service store by enrich its outlet with food and beverages well known brand such as 'slurpee'. A slushed ice flavored with syrup named slurpee, suddenly, becoming an urband trend in Indonesia.

The company's stock price that coded MDRN was weakened 1.18% to IDR1.670 level and established its market capitalization to IDR1.06 trillion.