Shoe firm gets loan<\/p>\n
SURABAYA, East Java (JP): PT Ganda Wangsa Utama, a listed shoe
\ncompany, got a syndicated loan worth US$20 million yesterday from
\neight foreign banks with an interest rate of 2.75 percent above
\nSingapore Inter-bank Offered Rate.<\/p>\n
\"Some 20 percent of the loan will be used to reduce our
\nfinancial burden in local banks,\" Ganda Wangsa Utama President J.
\nSoekarno announced after the signing ceremony of the loan.<\/p>\n
He pointed out that the other 80 percent will be used to
\nincrease its equity and new investments, including the
\nreplacement of old machinery.<\/p>\n
Listed on the Jakarta Stock Exchange in August 1993, the
\ncompany will expand its distribution network with a view to
\nincreasing its exports. Currently the company, the producer of
\nKasogi shoes, has 15 distributors.<\/p>\n
With a production base in Sidoarjo, 35 km south of here, the
\ncompany, with 5,000 employees, expects to generate Rp 115 billion
\n(about $50 million) in sales revenues to make a profit of Rp 12
\nbillion. (13\/15)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/shoe-firm-gets-loan-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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