Aug 24, 2010

Astra Otoparts gives Rp65b loan to MTM

Spare part manufacturer for automotive PT Astra Otoparts Tbk (AUTO) plans to provide Rp65 billion bridging loan facility to its wholly owned subsidiary PT Menara Terus Makmur (MTM).
In a public announcement submitted by Astra Otoparts to Indonesia Stock Exchange today, as main shareholder in MTM, Astra Otoparts is fully committed to continuously support the growth and survival of MTM. "The two year bridging loan will be used by MTM for its working capital," the announcement said.
The loan will charge MTM with annual interest rate of 2.5% above SBI. MTM is a company engaged in the forging part, jack, and hand tolls industry for automotive. 
Disclosure: No position at the stock mentioned above. 

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