PT Dian Swastatika Sentosa Tbk (DSSA), arm company of Sinar Mas Group, has channeled a total US$20.60 million short term loans to two wholly owned subsidiaries dubbed PT Bumi Kencana Eka Sakti and PT Borneo Indobara.
In a public announcement recently filed to Indonesia Stock Exchange, both subsidiaries are controlled more than 99% by Dian Swastatika.
Dian Swastatika has provided US$10.40 million loan to Bumi Kencana and US$10.20 million loan to Borneo Indobara. The 8% loan facilities will mature on April 12 2011.
Both subsidiaries will use the facilities to strengthen capital, working capital, and capital expenditure to support coal business development.
Disclosure: No position at the stock mentioned above.
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