HSBC, ANZ Panin lend $26m to Techpack Asia<\/p>\n
HSBC and ANZ Panin Bank have jointly granted a seven-year loan
\nworth about US$26 million to PT Techpack Asia, which operates a
\ncosmetic packaging plant in Demak, Central Java.<\/p>\n
At the signing ceremony for the loan agreement on Monday, it
\nwas announced that $17.4 million would be contributed by Hong
\nKong and Shanghai Banking Corporation (HSBC) Limited and the
\nremaining $8.7 million by PT ANZ Panin Bank.<\/p>\n
At the conference, HSBC's deputy chief executive officer
\nRakesh Bhatia, ANZ Panin's vice president David Hannam and
\nTechpak Asia's general manager David Tanudisastro refused to
\nreveal the interest rate on the loan.<\/p>\n
According to Tanudisastro the loan will be used for purchasing
\nmachines and other tools for the production of cosmetic packaging
\nand for expanding Techpak Asia's facilities.<\/p>\n
\"With this investment, the company expects production capacity
\nto increase by 20 percent by the end of this year,\" he said.<\/p>\n
Techpak is a subsidiary of Pechiney Group, a French
\nmultinational corporation listed on New York's and Paris' stock
\nmarkets. Techpak operates only the Demak plant in Asia while in
\nEurope, and the Americas it runs 25 plants.<\/p>\n
Techpak produces cosmetic packages and exports them mostly to
\nAmerican and European companies, such as Estee Lauder, Christian
\nDior, Guerlain and Clarins. --JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hsbc-anz-panin-lend-26m-to-techpack-asia-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}