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Jakarta Post

Mandiri provides invoice financing for Wika Beton’s suppliers

The invoice financing facility will be used to settle payments to suppliers of stone, cement, iron and transporter partners

News Desk (The Jakarta Post)
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Jakarta
Tue, November 12, 2019

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Mandiri provides invoice financing for Wika Beton’s suppliers Workers of precast concrete maker PT Wijaya Karya Beton check the company's production at its factory in Cileungsi, Bogor, West Java . (Antara/M Agung Rajasa)

S

tate lender Bank Mandiri has agreed to provide a credit facility worth up to Rp 300 billion (US$21 million) to settle the payments of state construction company PT Wika Beton Precast (Wika Beton) to its suppliers.

 “This is the latest cooperation between state-owned enterprises [SOEs] in the country. This agreement will also have a positive impact on our operations,” said Mandiri’s senior vice president, Choirul Anwar, during a press conference in Jakarta on Monday.

Choirul said the invoice financing would boost the liquidity of Wika Beton’s suppliers and improve the quality of materials ordered by Wika Beton from the suppliers. The credit facility would also help Wika Beton focus more on its operations to produce precast concrete blocks and ready-mix cement.

When asked if the Rp 300 billion credit limit could be increased at a later date, Choirul said it would depend on how many more projects Wika Beton would undertake in the future. “If Wika Beton receives a significant increase in project orders and requires new suppliers, we will support them,” said Choirul.

Meanwhile, Wika Beton’s precast director, Antonius Yulianto Nugroho, also said the invoice financing facility would be used to settle payments to suppliers of stone, cement, iron and transporter partners.

"This financing can ease the cash flow of our suppliers. Previously, they had to wait about 180 days for the payment with SCF (supply chain financing) facilities. Now, it can be covered by invoice financing," he explained.

Meanwhile, Wika Beton Precast recently finished preparing new factories that would produce railway bearings in Banten province and West Java. The railway bearings will be used for ongoing and upcoming railway construction projects in multiple parts of the country.

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