PT Pama Persada (PAMA), a subsidiary of PT UnitedTractors Tbk (UNTR), expends a credit facility of IDR 564.20 billion to PT Suprabari Mapanindo Mineral (SMM). This intercompany loan facility between two subsidiaries of UNTR took place earlier this week (23/8).
Sara K Lubis, Corporate Secretary of United Tractors, claims that the facility is granted to support SMMs operational activities. It also provides benefits of loan interests to PAMA instead of storing its fund in a deposit. The loan period would extend to five years with an interest of LIBOR +2%, categorised as a revolving loan, Lubis specified in detail.
The affiliation between these companies is established through Djony Bunarto Tjondro, President Commissioner of UNTR, who also acts as President Commissioner of PAMA. Additionally, Frans Kusuma, President Director of UNTR, is also positioned as President Director of PAMA and President Commissioner of SMM. Lastly, Chintya Theresia Am and Ari Sutrisno, who are directors of PAMA, also function as commissioners of SMM.
PAMA runs in the mining contractor service. In H1 2021, it brings in IDR 15.4 trillion to the revenue, 3% higher than the same period last year. Meanwhile, SMM is a subordinate company of PT Tuah Turangga Agung (TTA). Its shareholders comprise PAMA and UNTR, each owning 72.01% and 27.99%. TTA operates in the coal mining sector, collecting IDR 7.5 trillion sales in the first half of 2021. It jumps 23% from the sales generated in H1 2020.