City Island get credits<\/p>\n
SINGAPORE (Dow Jones): City Developments Ltd. said yesterday
\nit has signed a deal to lend US$7.35 million to its 30 percent
\nowned Indonesian joint venture PT City Island Utama.<\/p>\n
City Developments, Singapore's biggest property developer,
\nsaid the Indonesian company's other major shareholders will also
\nbe extending the credit in proportion to their shareholding.<\/p>\n
The other major shareholders include Hong Realty (Private)
\nLtd. and Trade & Industrial Development Pte. Ltd.<\/p>\n
The joint venture company PT City Island Utama is the
\ndeveloper of a condominium project known as Oseania Kondominium
\nResor at Ancol Barat in Jakarta.<\/p>\n
City Developments said the loan will bear no interest and will
\nbe repaid within one year after the date of the first draw down,
\nor after the loan is no longer required by the various parties.<\/p>\n
City Developments said the loan was reviewed by its audit
\ncommittee and the deal isn't prejudicial to the interests of its
\nshareholders.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/city-island-get-credits-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}