Dharmala and British corp. sign $20m loan accord<\/p>\n
JAKARTA (JP): Under an agreement signed yesterday, the British
\nfinance institution Commonwealth Development Corporation provided
\na loan of US$20 million to PT BBL Dharmala Finance, a publicly
\nlisted leasing company.<\/p>\n
Under the agreement, signed by the Dharmala Group's chairman
\nSuhargo Gondokusumo and the development corporation's chairman
\nPeter Leslie, Dharmala Finance will disperse the funds in loans
\nto small and medium-scale entrepreneurs for acquiring plant
\nmachinery and building materials.<\/p>\n
Gondokusumo said the five-year loan contract will enable his
\ncompany to improve its services and extend the maturity of its
\nloans to more than five years.<\/p>\n
Dharmala Finance director Tjan Soen Eng said the development
\ncorporation has become the third overseas firm extending loans to
\nhis company after International Finance Corporation of the United
\nStates, the Philippines-based Asian Development Bank and the
\nAsian Finance and Investment Corporation.<\/p>\n
Leslie said his company, established by the British government
\nin 1948 to assist lesser developing countries, has been active in
\nextending financial assistance to Indonesia since 1971.<\/p>\n
The development corporation lendings have so far reached $250
\nmillion in a wide range of fields, including manufacturing,
\nagricultural, shipping and tourism.<\/p>\n
Both Leslie and Tjan refused to disclose the rate of the
\ndevelopment corporation's loan for Dharmala Finance, but said it
\nis a competitive one.<\/p>\n
Tjan said Dharmala's assets currently reached Rp 320 billion
\n($146.31 million), comprising Rp 124 billion from its equity, Rp
\n178 billion derived from bonds issuance and loans and Rp 18
\nbillion from payable dividends.<\/p>\n
Dharmala Finance is a multi-finance firm operating in consumer
\nfinance and factoring, focusing on small and medium-scale
\nbusinesses. Leasing is the company's major activity.<\/p>\n
The company is 23 percent owned by Bangkok Bank, 51 percent by
\nPT Dharmala Sakti Sejahtera, one of Dharmala Group's subsidiary,
\nwhile the remainder is owned by the investing public. Dharmala's
\nprofit last year reached Rp 10.53 billion, 31 percent higher than
\n1992's Rp 7.79 billion.(icn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dharmala-and-british-corp-sign-20m-loan-accord-1447893297",
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"sponsor": "Okusi Associates",
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