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Jakarta Post

Muamalat disburses Rp 75b in loans to Duta Mentari Raya

  • News Desk

    The Jakarta Post

Jakarta   /   Wed, September 21, 2016   /  01:53 pm
Muamalat disburses Rp 75b in loans to Duta Mentari Raya A customer waits at Bank Muamalat. (Tempo/Dasril Roszandi)

Sharia lender Bank Muamalat has agreed to disburse Rp 75 billion (US$5.7 million) in loans to Duta Mentari Raya, a subsidiary of state-run asset management company Perusahaan Pengelolaan Aset Kapital (PPA Kapital).

The loans, agreed to by both parties in Jakarta on Tuesday, will be used to expand the downstream operation of the palm oil company in Kuantan Singingi, Riau.

“We will disburse the financial debt to Duta Mentari Raya into two tranches,” said Bank Muamalat president director Endy Abdurrahman in a press statement on Tuesday.

The first tranche, worth Rp 70 billion, will mature in five years, while the second tranche, worth Rp 5 billion, will have a one-year tenure, he further explained.

PPA Kapital president director Sabit Hartono said the company’s subsidiary was constructing a new plant in Kuantan Singingi, Riau, to increase its production capacity. The project is expected to be completed by the end of this year. (rez/ags)

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