Bakrie raises $27m loan<\/p>\n
JAKARTA (JP): The publicly-listed PT Bakrie Sumatra
\nPlantations yesterday raised a syndicated revolving credit of
\nUS$27 million arranged by the Singapore branch of HSBC Investment
\nBank Asia Ltd. of Hong Kong.<\/p>\n
A. Hanif Bakri, president of Bakrie Sumatra, said after
\nsigning an agreement on the syndicated facility that $22 million
\nof the total fund would be used to finance its palm oil
\nplantation development and the rest to repay its short-term bank
\nborrowing.<\/p>\n
Hanif said the facility, which carries an interest rate of 2.5
\npercent per annum above the Singapore Inter-Bank Offered Rate
\n(SIBOR), would mature after three years with an option by the
\nbanks to renew for another two years thereafter.<\/p>\n
He added that the facility was collateralized by his company's
\npalm oil plantations and properties as well as by his rubber
\nplantations.<\/p>\n
Bakrie Sumatra, which has been listed on both the Jakarta and
\nSurabaya Stock Exchanges since 1990, controls 13,000 palm oil
\nplantations, mostly in North Sumatra.<\/p>\n
At its annual shareholder meeting last Thursday, the company
\nreported that it would acquire a 11,000-hectare palm oil
\nplantation in West Kalimantan. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bakrie-raises-27m-loan-1447893297",
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