Cibinong resumes payment

JAKARTA (JP): Publicly listed cementmaker PT Semen Cibinong announced on Tuesday that it had entered into the final stage of debt negotiation with its foreign creditors.

Company president Hashim Djojohadikusumo said in a statement that the company had resumed partial monthly interest payments at 25 percent of the original contractual rate on its debt starting Nov. 1., payable as of Nov. 30.

The company decided to postpone the interest and principal payments in March this year in order to maintain liquidity and ensure corporate viability in the wake of the sharp depreciation of the rupiah against the U.S. dollar.

The decision to resume the interest payments was made after holding a series of discussions with its foreign creditors since April this year, he said.

However, it did not elaborate on the company's total foreign debts. (aly)