SAME loan The shares of PT Bank CIMB Niaga Tbk have risen again and mark a strategic move by PT Sarana Meditama Metropolitan Tbk (SAME) in strengthening its hospital network expansion. In the latest announcement, the company confirms that the loan facility reaches the maximum cap of Rp200 billion, while also signaling the banking sector's confidence in the business prospects of this healthcare group for 2025–2026.
This improvement was achieved by SAME together with a number of its subsidiaries, through formal disclosure of information to the Financial Services Authority (OJK). This transaction is classified as an Affiliate Transaction but it is stated. does not contain conflicts of interest. in accordance with POJK No. 42/2020.
To secure the credit facility, SAME transferred assets in the form of a Right to Build certificate (HGB) that is encumbered by a First Mortgage with a value of Rp150 billion. This step is a key component of the credit structure and demonstrates the company's commitment to meeting the bank's requirements.
SAME Loan Strengthens for Expansion 2025–2026
SAME leverages the momentum of growth in demand for private healthcare services in Indonesia. increase SAME loan to become an opportunity for the group to accelerate hospital expansion, modernize facilities, and expand digital services. The management team emphasizes that a larger credit structure provides healthier liquidity headroom.
SAME's Corporate Secretary, Rahmiyati Yahya, stated that this loan facility increases the company's financial flexibility. With this funding, the company is better prepared to face its growth and digital transformation plans.
SAME loan structure and asset collateral
The increase in CIMB Niaga's credit facilities reaches a maximum of Rp200 billion. However, this amount is not entirely automatic. Fund withdrawals are carried out gradually in line with the hospital's operational needs and expansion. Some subsidiaries have already utilized this facility, such as PT Sarana Meditama International (SMI), UTPM, and UNPM.
In information disclosure, SAME ensures that the collateral asset in the form of a Building Use Right (HGB) valued at Rp150 billion is provided as a First Mortgage. This type of collateral structure is commonly used for large-scale corporate loans. In addition, this loan agreement also includes tight covenants such as Net Debt/EBITDA up to 3x and DSCR of at least 1.15x.
In addition, SAME emphasizes that the credit agreement is already in line with banking requirements and OJK regulations. Compared with other private hospital sectors, SAME's financial position is still considered stable, even though it has pursued aggressive expansion in the past two years. More detailed information about the covenant can be found in SAME's 2024 financial report through EMC Healthcare's official website (external DoFollow link).
Involvement of Subsidiaries in Financing Schemes
The expansion of SAME does not rely solely on parent entities. Most of the subsidiaries that operate hospitals also benefit from loan facilities. Entities such as SMI, SMA, KSU, RSGK, UNPM, UTPM, and SMS are all mentioned in the official document.
The involvement of many subsidiaries means that credit facilities are not only used for the construction of new hospitals, but also for equipment modernization, upgrading of digital infrastructure, as well as strengthening flagship services such as emergency services and diagnostic imaging. This aligns with Indonesia's healthcare trend, which is increasingly prioritizing service quality.
In addition, SAME states that the allocation of loan ceilings among subsidiaries is carried out selectively based on the needs of each hospital. Interim data show that several entities have already withdrawn funds ranging from Rp10 billion to Rp44 billion. This information is important for investors because it shows the physical realization of the use of credit facilities.
Financial Impact and OJK Supervision
In addition to securing expansion funds, the company must also ensure that interest obligations do not erode profitability. Compliance with covenants has become the main risk factor. In the context of the capital-intensive hospital industry, OJK supervision becomes an important foundation to ensure that related-party transactions remain transparent.
This loan facility transaction is categorized as a Related Party Transaction, but SAME asserts that the transaction does not contain a conflict of interest. This is important to maintain the trust of minority shareholders.
Financial Ratios and Debt Burden
One of the points that needs to be considered is the magnitude of the covenant. Net Debt/EBITDA up to 3x means SAME must maintain a solid capacity to generate earnings before interest, taxes, and depreciation to offset the debt. If EBITDA is under pressure, the company is at risk of breaching the credit agreement.
A minimum DSCR of 1.15x requires operating cash inflows to be sufficient to cover interest obligations. While a maximum Debt-to-Equity ratio of 1x indicates that SAME's leverage must be kept at a safe level. A covenant like this is commonly imposed by banks on the hospital sector that has seasonal cash flows.
In addition, the company must maintain the stability of collateral assets. If the market value of the property falls or there is a change in its physical condition, the bank may require additional collateral. Investors are advised to monitor quarterly financial statements to observe changes in debt structure.
OJK supervision and transparency of related-party transactions
SAME asserts that this transaction has undergone internal oversight procedures in accordance with OJK regulations. Based on OJK Regulation 42/2020, related-party transactions are permitted as long as they do not give rise to conflicts of interest and are equivalent to fair market practices.
The company has also officially submitted information disclosure documents that are accessible to the public. This level of transparency is important to maintain SAME's credibility as an issuer that manages hospital assets on a national scale.
SAME's Prospects and the Hospital Industry's Challenges
The growth of Indonesia's healthcare industry is increasingly competitive, especially with the presence of private hospitals that offer premium services. The increase in SAME loans becomes a strategic move to survive and expand market share.
The company considers that investments in digital transformation and in improving service quality are important factors in winning the competition.
Expansion of Services and Digitalization
SAME aims to improve services through the implementation of an electronic medical record system, digitization of administration, and telemedicine. With new funding, system integration and the development of the data center become more feasible.
In addition, the company aims to strengthen flagship services such as minimally invasive surgery, cardiology, and maternal and child health services. Investment in advanced medical equipment has become part of that agenda. This is relevant to Indonesia's demographic profile, which is increasingly in need of modern health services.
On the other hand, digitalization helps improve diagnostic accuracy and shorten service delivery time. SAME sees digitalization as the main differentiator when facing competitor hospitals such as Siloam, Mitra Keluarga, and Hermina.
Business risk and industry competition
Although the growth prospects are positive, risks still exist. The healthcare industry is highly sensitive to regulatory changes. An increase in BPJS tariffs, regulations for healthcare workers, and medical equipment requirements can affect margins.
In addition, debt-financed expansion requires SAME to maintain stable revenue growth. If expansion does not yield an improvement in financial performance, the company faces cash flow pressure.
From a market perspective, competition among private hospitals has also increased. A new hospital in the urban area adds to the competitive pressure. Investors need to monitor SAME's differentiation strategy in dealing with sector dynamics.
The increase in CIMB Niaga's SAME loans to Rp200 billion demonstrates strong confidence in the growth of Indonesia's healthcare industry. However, aggressive expansion must be balanced with risk management and compliance with credit covenants. For readers who want to follow developments in the healthcare industry, please continue reading other related articles on Insimen.
