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CREDIT/LOAN AGREEMENT BETWEEN PT PERUSAHAAN PENGELOLA ASET (PERSERO) AND PT PAL INDONESIA (PRESS RELEASE No. PR-47 /PPA/CS/1209 - 16 DECEMBER 2009) On this day December 16th, 2009, PT. Perusahaan Pengelola Aset (Persero) (”PT PPA”) and PT PAL Indonesia (Persero) (”PT PAL”) enter into a Credit/Loan Agreement in the amount of USD25.6 million which is for completing the construction of 10 ships and IDR193.37 billion for corporate restructuring. The agreement signing was conducted at the Ministry of State Owned Enterprise witnessed by the Minister and other officials. The loan is an important milestone in the Restructering and Revitalization of PT PAL by the Government through PT PPA. PT PAL is a State Owned Enterprise which is very strategic for Indonesia’s defense industry. The tenor of the loan for the construction of the 10 ships is in accordance with each vessels delivery to their respected buyer. The last of the vessel is due September 2011. The loan facility itself consist of a bilateral agreement with PT PAL and a joint financing with other State Owned Banks. Upon drawdown of the loan an independent quantity surveyor will verify the cost and progress of each ship’s construction. As for the loan for corporate restructuring, it will be due on 2018. The loan will be allocated for working capital and transition expenses in the ship maintenance/repair division and general engineering (fast cash business), custom clearance expenses, repayment of debts incurred on completed projects and other opertaional expenses. It is hoped that with this loan PT PAL will be more focus and effecient in its operations and fulfill its incredible potential. To ensure that the drawdown of the loan is in accordance with the agreement, PT PPA is colaborating with BPKP to verify every request and usage. As stated in Government Regulation Number 61, 2008 one of PT PPA’s task is to restructure and revitalize State Owned Enterprises. Therefore the Management and staff of PT PPA is very dedicated to become the catalyst for the increase performance of State Owned Enterprises while always championing good corporate governance to obtain the optimum return for the country. PT PERUSAHAAN PENGELOLA ASET (PERSERO)
Renny O. Rorong Corporate Secretary |