Semen Padang, a subsidiary of state-owned Semen Gresik, secured a loan of Rp190 billion (US$20m) from Bank Central Asia (BCA). Semen Gresik President Satriyo said the loan fund will be used to refinance a debt to state-owned Bank Mandiri and to strengthen its working capital. Satriyo said the loan from BCA is cheaper than the restructured debt of Semen Padang. The loan will be for three years carrying an annual interest rate of 11.5 per cent. Semen Padang also has Rp450 billion in debt to Semen Gresik.
Advertisement