Apr 21, 2011

Keramika Assosiasi settles Rp78 bio debt

Ceramic products maker PT Keramika Indonesia Assosiasi Tbk (KIAS) has settled Rp78 billion senior amortizing loan to its shareholders to maintain its operational cash flow.
The loan settlement, obtained by Keramika in 2008 from Farrington Inc and Concept Link Limited during a debt restructuring, has been discounted to Rp78 billion from the total debt of Rp88.77 billion. Keramika has used a loan facility from PT Bank Panin Tbk
Keramica posted Rp582.29 billion sales last year from Rp359.94 billion the previous year. Net income decreased to Rp14.57 billion from Rp27.33 billion. Farrington and Concept Link control 69.31% and 24.16 shareholding respectively in Keramica, while PT Mitra Investindo Multicorpora and public holders own 3.42% and 3.11% respectively.

Disclosure: No position at the stock mentioned above.  

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