ICBC provides a IDR 100 billion loan to PT MNC Finance for working capital purposes

In 2016, PT Bank ICBC Indonesia entered into a IDR 100,000,000,000 loan agreement with PT MNC Finance (MNCF) — an Indonesian company focused on consumer financing that is 99.99% owned by PT MNC Kapital Indonesia Tbk, an Indonesian financial service provider — for working capital purposes. This loan carried a final maturity of December 23, 2021 (an approximate maturity of 5 years) and an interest rate of 12.00% per annum. This loan was secured by (i.e. collateralized against) consumer financing receivables equivalent to 120% of the outstanding loan balance. As of December 31, 2016, IDR 74,868,000,000 was outstanding under the loan. As of December 31, 2017, IDR 73,449,000,000 was outstanding under the loan.

Additional details

1. "PT MNC Kapital Indonesia Tbk Laporan Tahunan Annual Report 2016" lists June 23, 2022 was the maturity date, while "PT MNC Kapital Indonesia Tbk 2017 Laporan Tahunan Annual Report" lists December 23, 2021 as the maturity date. AidData assumes the latter, the more recent source, is correct. It is unclear whether this was an error or there was a renegotiation of the loan terms. This issue merits further investigation.

Number of official sources

2

Number of total sources

2