Jakarta. Fiber optic internet provider MyRepublic, an affiliate of business conglomeration Sinarmas Group, was granted a syndicated loan worth Rp 2 trillion ($133 million) from four lenders to expand its business on Tuesday.
 
Provided by Bank Central Asia, Bank Mandiri, Bank Syariah Indonesia (BSI), and financing firm Sarana Multi Infrastruktur (SMI), the syndicated loan also offers an option for potential additional funds if needed.

“We are truly grateful for the trust and support from four reputable financial institutions in Indonesia as today we signed a syndicated loan agreement capped at Rp 2 trillion with an accordion feature of Rp 1 trillion,” MyRepublic Chief Executive Officer Timotius Max Sulaiman said in a statement.

MyRepublic has recently added nine cities to its coverage, bringing the number of cities using its service to 30. Timotius said the fresh loan will allow the company to further expand its coverage across the country and enhance the quality of its services.

“This [expansion] aligns with the government’s vision of achieving equal distribution of internet access and digitalization throughout Indonesia,” he added.

MyRepublic collaborates with over-the-top media service providers such as Vidio, WeTV, Vision+, and Genflix to enrich content offerings and provide a more enjoyable experience for its subscribers, the company said.

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