JAKARTA (Yosefardi) – Garment manufacturer PT Pan Brothers Tbk (PBRX) is seeking loan of US$200 million, equivalent Rp2.6 trillion, used to refinancing its debt (US$165 million) and to fund working capital (US$35 million.
The company made US$165 million loan in 2013, provided by the syndication of 22 banks.
PBRX booked net profit of US$681 thousand in the first quarter of 2015, dropped 91% from US$7.6 million in the same period of 2014.
Net sales rose 18.3% to US$75.7 million from US$63.9 million a previous year. It allocates capital expenditure (capex) of US$20 million or Rp242 billion for this year, a 41% lower compared to US$400 billion capex for last year.
PBRX targets to build 7 garment factories in 2016. This year, its joint venture PT Eco Smart Garment Indonesia is building 4 factories, in partnership with Mitsubishi Corporation.