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Sharia lenders to disburse Rp 3 trillion loan for PLN
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Sharia economy expert Adiwarman Karim (right) delivers a speech during a discussion themed “Jakarta as the Center of Sharia Finance” in Jakarta on Jan. 25. (kompas.com/Alsadad Rudi)
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haria-compliant lenders have agreed to disburse Rp 3 trillion (US$224.6 million) in syndicated loans before the end of the first quarter to finance the capital expenditure of state-owned electricity firm Perusahaan Listrik Negara (PLN) in 2017.
The syndicated loans will involve at least six lenders, namely Bank Syariah Mandiri (BSM), Bank BRI Syariah, Bank BNI Syariah, Bank BCA Syariah, Bank BJB Syariah and Aceh Regional Development Bank (BPD). BSM will act as the lead arranger of the loans.
BRI Syariah, a subsidiary of state-owned lender Bank Rakyat Indonesia (BRI), is expected to disburse Rp 750 billion of the total syndicated loans.
(Read also: Government mulls setting up sharia economic zone in Jakarta)
BNI Syariah, a subsidiary of state-owned lender Bank Negara Indonesia (BNI), will disburse Rp 500 billion, while BCA Syariah, a subsidiary of the country's largest private lender Bank Central Asia (BCA), will disburse Rp 200 billion.
“PLN’s total capital expenditure stands at around Rp 5 trillion,” said Dhias Widhiyati, BNI Syariah’s senior executive vice president for commercial and medium businesses, as reported by kontan.co.id on Sunday.
However, the loan portion of each bank is still tentative, as it depends on the approval from PLN.
Last year, the number of PLN’s consumers rose by 5 percent to 64.3 million people. The total consumption of electricity among subsidized consumers also increased by 5.3 percent to 75.6 terawatt hours (TWh) on the backdrop of a fall in the price of electricity by 4 percent to Rp 998.47. As a result, PLN’s net profits plummeted by 30.9 percent to Rp 10.76 trillion. (vir/bbn)
