PT Indorama Synthetics Tbk (INDR) provides shareholder loan facilities to its subsidiary, namely PT Cikondang Kancana Prima (CKP), with a maximum of Rp240 billion post-acquisition Ore mining.

President Director of Indorama Synthetics Swaroop Baldwa said, given this facility, the company hopes that CKP can start Ore mining so that the development of the CKP business will make a positive contribution to the company in a consolidated manner.

"This loan facility can later be used by CKP to finance pre-operation costs, overhead, mine development and processing facilities," he said in his statement, Friday (7/5).

The company and CKP have completed this action on May 3, 2021. The company itself is known to own as much as 80% of PT Cikondang Kancana Prima shares, so that this loan facility is an affiliated transaction.