Jakarta, CNBC Indonesia \u2014 PT Bank Mandiri (Persero) Tbk (BMRI) has\nexplained the basis for extending credit to PT Jhonlin Baratama,\nincluding the use of shares in PT Jhonlin Agro Raya Tbk (JARR) and PT\nPradiksi Gunatama Tbk (PGUN) as additional collateral. The bank said the\nfacility was granted after considering the borrower\u2019s repayment capacity\nand is supported by risk controls over the collateral.<\/p>\n
In an information disclosure to the Indonesia Stock Exchange on\nMonday (26 October 2026), Bank Mandiri Corporate Secretary Adhika Vista\nsaid the credit facility ceiling for Jhonlin Baratama was Rp40 trillion.\nOf that amount, Rp17 trillion has been drawn.<\/p>\n
Adhika said the facility is intended to support the development of\nJhonlin and its business group in the coal industry and related sectors.\nIt covers capital expenditure (capex) and the financing needs of the\ngroup.<\/p>\n
In extending the facility, the bank considered business prospects,\nfinancial performance and repayment capacity. It also took into account\nthe borrower\u2019s own financing capacity, or self-financing, to meet the\nneeds of the company and its business group.<\/p>\n
To assess repayment capacity, the bank counted only cash flows from\nJhonlin Group\u2019s existing coal businesses. The primary repayment sources\nare the companies\u2019 operations and several subsidiaries, or operating\ncompanies, that can pay dividends.<\/p>\n
Adhika said the repayment sources were confined to coal businesses\nowned by the borrower and its business group. The bank used these\nsources to assess the borrower\u2019s ability to meet its credit\nobligations.<\/p>\n
\u201cThe Bank considers that the Borrower has sufficient capacity to\nfulfil all its obligations,\u201d Adhika wrote, as quoted on Monday (26\nOctober 2026).<\/p>\n
The repayment-capacity assessment also included sensitivity tests for\nmovements in coal prices and the production levels of the borrower and\nits business group. The bank said these tests formed part of its\nanalysis of the company\u2019s ability to repay the credit facility.<\/p>\n
Shares in JARR and PGUN have been pledged as additional collateral\nfor the facility to Jhonlin Baratama.<\/p>\n
Adhika said the shares were valued with reference to Article 4 of\nFinancial Services Authority Regulation (POJK) No.\u00a040\/POJK.03\/2017 and\nthe bank\u2019s internal policies, using a conservative approach.<\/p>\n
The shares constitute a secondary source of repayment, or a \u201csecond\nway out\u201d. They supplement repayment from the borrower\u2019s and its group\u2019s\nbusiness activities, meaning repayment does not rely solely on shares in\nthe two listed companies.<\/p>\n
Bank Mandiri also stressed that the total collateral pledged exceeds\nthe credit facility. The total collateral coverage ratio remains at\n150%, calculated using the lowest intraday prices of JARR and PGUN\nshares over the past month.<\/p>\n
The ratio covers all collateral for the facility, including the\npledged shares. The bank has also provided for additional collateral or\na reduction in the outstanding balance if collateral coverage\nrequirements are not met.<\/p>\n
\u201cTo maintain the Bank\u2019s risk appetite, the credit agreement sets out\na mechanism for a top-up, or additional collateral, or a reduction in\nthe outstanding facility, in addition to scheduled principal repayments,\nif collateral coverage requirements are not met,\u201d Adhika wrote.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/mandiri-details-jhonlin-loan-and-jarr-pgun-collateral-risk-controls-1793029854", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }