Jan 16, 2012

PGAS seals US$130 mio facility from BRI

The state-controlled PT Bank Rakyat Indonesia Tbk (BRI) has channeled a US$130 million non-cash credit facility to the state-owned gas distributor PT Perusahaan Gas Negara Tbk (PGAS).
 Director Asmawi Syam at BRI said the facility will be used by PGAS as a guarantee for its stand by letter.
"The issuance of the letter will allow BRI to guarantee the payment of PGAS on its gas contracts with suppliers," he said as quoted by Bisnis.com today.
The noncash facility, is also available to issue bank guarantee and L/C. PGAS's unit dubbed PT Gas Telekomunikasi Nusantara can use the same facility as well. 

Disclosure: No position at the stock mentioned above.

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