Jakarta. Petrindo Jaya Kreasi, also known as stock symbol CUAN, recently said that its finances were still solid amidst aggressive business expansion.

CUAN has secured funding from several leading banks in Indonesia. The company secured a syndicated credit facility from three leading banks Mandiri, BCA, and BNI worth around $210 million. The company earned additional loans worth Rp 400 billion from BNI. Private lender BCA has also granted a new facility worth $310 million and Rp 1.3 trillion for Petrosea (PTRO).

CUAN plans to use all this fresh money for acquisition and capital expenditure. Although these financing facilities lead to a huge debt increase, Petrindo said it would abide by all the agreed terms, including the debt-to-equity ratio, adjusted current ratio, and adjusted interest coverage ratio. The company said this was a testament to its ability to manage its financial risks.

CUAN revealed that its equity had totaled $327 million as of the end of June 2024, up from $121 million in end-2023. Liabilities have also grown significantly from $109 in end-2023 to $830 million at the end of the second quarter. The company attributed this increase to the rising bank debt from $61 million to $176 million.

CUAN, however, said that it remained optimistic about the business prospects. According to CUAN, equity and cash are also increasing amid rising debt. The company also reaffirmed its commitment to maintain its financial health.