VISI Secures IDR45 Billion Bank INA Credit Facility During Holding-Company Shift

Repayment deadline and loan conditions

The demand loan carries a January 28, 2027, deadline for full repayment, VISI Director Hendra Budianto said in an official statement on October 31. Its IDR45 billion limit represents more than 25% of the company's IDR177.5 billion in equity reported for September 2026.

Interest is set at the time-deposit rate plus 1.5% annually. Bank INA also requires VISI to open a checking or savings account and place fresh funds in it as a sinking fund equal to three times the interest amount. That money must remain blocked in the designated account.

The agreement also sets ownership requirements: PT Harmoni Semesta Investama (HSI) must retain at least 60% of VISI, while PT Atlas Raya Abadi and PT Trinugraha Thohir Harmoni must hold 10% and 8%, respectively.

Bank INA belongs to the Salim Group. IDNFinancials identifies Anthoni Salim as the ultimate beneficial owner of VISI shares held through PT Indolife Pensiontama, which has a 22.83% interest in BINA.

Private placement and controlling shareholders

HSI holds 61.77% of VISI following the October 29 private-placement capital injection. The vehicle became VISI's controlling shareholder on June 9, 2026, according to Fortune Indonesia. Nagita owns 51% of HSI and Raffi owns 49%; Nagita is also the ultimate beneficial owner of the VISI shares held through HSI.

The placement brought in IDR119.99 billion through 120.72 million new shares priced at IDR994 each. HSI subscribed for 72.43 million shares, and Atlas Raya Abadi and Trinugraha Thohir Harmoni each took 24.14 million.

VISI's earlier statement to the Indonesia Stock Exchange, reported by IDNFinancials on October 20, scheduled issuance for October 28 and listing for October 29, 2026.

Mirae Asset Sekuritas Indonesia's October 21 Daily Focus identified Pieter Tanuri as the controller of Atlas Raya Abadi. It said Trinugraha Thohir Harmoni is fully controlled by Garibaldi (Boy) Thohir and Erick Thohir.

Cardiac-hospital acquisition plan

VISI's first acquisition target is PT Hasna Medika Bakti Cirebon (HMBC), a private cardiac-hospital operator. Management views the hospital network as a way to advance VISI's investment strategy and develop its business portfolio.

The proposed IDR286 billion transaction would give VISI a controlling stake of 72.91%. Fortune Indonesia's August 26, 2026, report on VISI's acquisition prospectus said completion had been targeted for the fourth quarter of 2026, no later than October 23.

The same prospectus describes a network of two dedicated heart hospitals and 11 clinics serving West Java, East Java, Banten and Bali. Both hospitals have active catheterization laboratories, and the network uses a hub-and-spoke service model.

HMBC recorded approximately 137,000 patient visits in 2025. Its estimated share of heart-disease patients across the provinces where it operates is 8.1%. VISI puts the number of heart-disease patients in those service areas at roughly 1.69 million, including about 382,000 within Hasna's catchment.

The acquisition plan also calls for HMBC to restructure IDR33.44 billion in debt and convert it into 18,692 new shares. The debt comprises IDR24.4 billion owed to Pieter Tanuri, IDR647 million to Roy Himawan and IDR8.4 billion to Darwin Cyril Noerhadi.

Following the acquisition and debt conversion, the planned ownership structure would include VISI at 72.91%, Pieter Tanuri at 11.62% and PT Hasna Medika Utama Group at 7.61%.

Existing operations and revenue projections

VISI will retain its trading and warehousing operations for now rather than transfer them, management said in late September. As the new holding-company structure takes effect, those activities are to be reduced gradually and ultimately discontinued.

Company projections reported by Fortune Indonesia put consolidated revenue at IDR247.92 billion for May through December 2026, rising to IDR388.09 billion in 2027 and IDR712.08 billion by 2031.