KONTAN.CO.ID – JAKARTA. A number of listed companies spanning various sectors have successfully secured credit facilities from banks throughout May 2026. This influx of financing is primarily aimed at boosting working capital and bolstering overall corporate performance.
Among the companies receiving these crucial financial lifelines are PT Sinar Eka Selaras Tbk (ERAL), PT Ifishdeco Tbk (IFSH), PT Newport Marine Services Tbk (BOAT), PT DCI Indonesia Tbk (DCII), PT Citra Nusantara Gemilang Tbk (CGAS), and PT Cakra Buana Resources Energi Tbk (CBRE).
Breaking down the details, ERAL, a prominent retail sector issuer, secured a credit facility from Bank BCA totaling Rp 245 billion, featuring an interest rate of 6.75% and a tenor extending until May 13, 2027. Additionally, the company obtained an extra time loan facility worth Rp 450 billion, also with a tenor until May 13, 2027, and an annual interest rate of 6.75%. Furthermore, ERAL received an investment credit of Rp 148 billion with a three-year tenor. In a strategic move to manage diverse financial needs, ERAL also acquired a multi-credit facility valued at US$10 million, S$3.5 million, and Rp190 billion, alongside a forex forward line facility of US$6 million and CNY200 million. Meanwhile, PT Newport Marine Services Tbk (BOAT) has entered into a working capital credit facility agreement with Bank BNI for Rp 9 billion.
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Continuing the trend, IFSH obtained local credit and a revolving time loan facility from Bank BCA, with respective amounts of Rp 100 billion and Rp 300 billion. Bank BCA further extended its support by providing an investment credit facility with a total limit of Rp 17 trillion for data center company DCII. To secure this substantial financing, DCII provided collateral including land and buildings, data center machinery and equipment, as well as the company’s current accounts. This significant funding is earmarked for enhancing its data center infrastructure.
Separately, Bank Mandiri has arranged additional financing facilities for CGAS. This package includes an additional standby letter of credit (SBLC) amounting to US$3.16 million, investment credit 3 worth Rp 17.5 billion, and investment credit 4 totaling Rp 10 billion. The transportation and logistics sector also saw activity, with CBRE securing a term loan facility of US$45 million from Bank Maybank Indonesia. A common thread among these credit facilities is their aim to boost working capital, ultimately strengthening the companies’ operational capabilities and financial performance.
According to Reza Priyambada, Director of PT Reliance Sekuritas Indonesia Tbk, the credit facilities received by these issuers are vital for supporting operational activities, which will, in turn, directly influence their performance. Market participants are keen to observe how effectively this “productive debt” impacts corporate results. For instance, ERAL, a subsidiary of Erajaya Swasembada, is leveraging its credit facilities to support foreign exchange transactions.
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“Investors will ultimately evaluate how significantly these activities contribute to their potential performance improvement,” Reza stated. He also emphasized the importance of scrutinizing whether the interest rate schemes are fixed or floating. With fixed interest rates, changes in the benchmark rate would have minimal impact, allowing companies to more accurately project their interest burden. However, a floating rate scheme could see a rise in the benchmark interest rate substantially increasing a company’s interest expenses.
From a volume and liquidity perspective, stocks like CBRE, CGAS, and ERAL are considered attractive for short-term trading, with investors closely monitoring market sentiment. Adrian Djie, an analyst at Kiwoom Sekuritas, highlighted that the prevailing relatively high-interest rate environment could potentially inflate funding costs and interest burdens for issuers undertaking debt-based expansion. On the macroeconomic front, market expectations that the Fed Funds Rate will remain elevated until late 2026 could also influence the direction of Bank Indonesia’s (BI) Rate policy, a factor investors must continuously monitor.
Adrian believes that DCII and CBRE are two issuers whose credit facilities hold the potential to significantly impact their future fundamental performance. For DCII, the substantial Rp 17 trillion credit facility is allocated to capital expenditure for data center development, a strategic move expected to fortify its capacity and sustain business growth in the medium term. “From a long-term prospect, we view DCII as quite appealing to watch given its exposure to structural growth themes such as Artificial Intelligence and cloud services,” Adrian noted, adding that increasing demand for digital infrastructure could serve as a growth catalyst in the medium to long term. Nevertheless, investors should remain attentive to the company’s ability to maintain profitability amidst potentially rising interest expenses.
Meanwhile, CBRE plans to utilize its credit facility to repay the Gunanusa Hai Long 106 fleet, a move aimed at enhancing operational capacity and supporting future business activities.
Summary
Several listed Indonesian companies, including ERAL, IFSH, BOAT, DCII, CGAS, and CBRE, secured significant bank credit facilities throughout May 2026 to boost working capital and strengthen operational performance. Notable examples include DCII obtaining a substantial Rp 17 trillion investment credit for data center infrastructure, while others like ERAL and CBRE secured multi-currency and term loan facilities to optimize their business activities. These financial moves are intended to enhance long-term corporate capabilities and support strategic growth initiatives.
Market analysts note that while these credit injections are vital for development, investors are closely monitoring the impact of potential interest rate fluctuations on corporate bottom lines. The effectiveness of this debt will depend on how efficiently companies utilize these funds to improve performance, particularly amidst a high-interest rate environment. Ultimately, analysts like those from Kiwoom Sekuritas view issuers such as DCII as promising long-term prospects due to their alignment with digital infrastructure growth, provided they can effectively manage their ongoing debt obligations.