Mandiri Details Jhonlin Loan and JARR-PGUN Collateral Risk Controls
Jakarta, CNBC Indonesia — PT Bank Mandiri (Persero) Tbk (BMRI) has explained the basis for extending credit to PT Jhonlin Baratama, including the use of shares in PT Jhonlin Agro Raya Tbk (JARR) and PT Pradiksi Gunatama Tbk (PGUN) as additional collateral. The bank said the facility was granted after considering the borrower’s repayment capacity and is supported by risk controls over the collateral.
In an information disclosure to the Indonesia Stock Exchange on Monday (26 October 2026), Bank Mandiri Corporate Secretary Adhika Vista said the credit facility ceiling for Jhonlin Baratama was Rp40 trillion. Of that amount, Rp17 trillion has been drawn.
Adhika said the facility is intended to support the development of Jhonlin and its business group in the coal industry and related sectors. It covers capital expenditure (capex) and the financing needs of the group.
In extending the facility, the bank considered business prospects, financial performance and repayment capacity. It also took into account the borrower’s own financing capacity, or self-financing, to meet the needs of the company and its business group.
To assess repayment capacity, the bank counted only cash flows from Jhonlin Group’s existing coal businesses. The primary repayment sources are the companies’ operations and several subsidiaries, or operating companies, that can pay dividends.
Adhika said the repayment sources were confined to coal businesses owned by the borrower and its business group. The bank used these sources to assess the borrower’s ability to meet its credit obligations.
“The Bank considers that the Borrower has sufficient capacity to fulfil all its obligations,” Adhika wrote, as quoted on Monday (26 October 2026).
The repayment-capacity assessment also included sensitivity tests for movements in coal prices and the production levels of the borrower and its business group. The bank said these tests formed part of its analysis of the company’s ability to repay the credit facility.
Shares in JARR and PGUN have been pledged as additional collateral for the facility to Jhonlin Baratama.
Adhika said the shares were valued with reference to Article 4 of Financial Services Authority Regulation (POJK) No. 40/POJK.03/2017 and the bank’s internal policies, using a conservative approach.
The shares constitute a secondary source of repayment, or a “second way out”. They supplement repayment from the borrower’s and its group’s business activities, meaning repayment does not rely solely on shares in the two listed companies.
Bank Mandiri also stressed that the total collateral pledged exceeds the credit facility. The total collateral coverage ratio remains at 150%, calculated using the lowest intraday prices of JARR and PGUN shares over the past month.
The ratio covers all collateral for the facility, including the pledged shares. The bank has also provided for additional collateral or a reduction in the outstanding balance if collateral coverage requirements are not met.
“To maintain the Bank’s risk appetite, the credit agreement sets out a mechanism for a top-up, or additional collateral, or a reduction in the outstanding facility, in addition to scheduled principal repayments, if collateral coverage requirements are not met,” Adhika wrote.