One of Indonesia's polyester fiber manufacturer PT Tifico Fiber Indonesia Tbk (TFCO) aims to put its assets worth Rp2.36 trillion as collateral to PT Bank Central Asia Tbk (BBCA) in a bid to secure US$80 million both letter of credit (L/C) and loan.
In a prospectus published today, Tifico said it has proposed L/C facility amounting to US$60 million and US$20 million of loan to BCA. The L/C facility will be used by Tifico to replace previous facility and the loan will be utilized as working capital.
Tifico puts 616,565 meter sequares of land with market value of Rp1 trillion, buildings worth Rp167.61 billion, machineries and equipment worth Rp1.18 trillion, and infrastructure worth Rp6.75 billion as collaterals to secure the L/C.
It also provides working capital worth Rp273.92 billion as collateral to secure US$20 million loan from BCA.
Tifico is now controlled by new shareholders. They have acquired majority stakes at Tifico from previous single shareholder Teijin Limited.
The acquisition, takes an effective on April 15 2010, has allowed Pioneer Atrium Holdings Limited controls 31.69% stakes in Tifico, PT Hermawan Sentral Inveatama owns 17.28%, PT Prospect Motor owns 33.08%, and PT Wiratama Karya Sejati holds 16.79%.
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