ALatieF gets $75m for port facilities

ALatieF gets $75m for port facilities

JAKARTA (JP): PT ALatieF P & O Port Development Company
(APPDC) was granted a syndicated loan of US$75 million yesterday
to finance the construction of port and marine facilities in
Amamapare, Irian Jaya which will support the operation of a
copper mining firm.

The loan, which was arranged by the Singapore branch of HSBC
Investment Bank Asia Ltd. and the Commonwealth Bank of Australia,
will mature in five years and can be extended for up to 10 years.

APPDC's president, Usman Ja'far, said after signing the loan
agreement that the company will use the funds to finance the
establishment of port and marine facilities in Amamapare to
support PT Freeport Indonesia's operations.

Freeport Indonesia, a joint venture 80 percent owned by
Freeport McMoRan Copper & Gold of the United States, 10 percent
by the Indonesian government, and another 10 percent by PT
Indocopper Investama, operates a large copper and gold mine in
Grasberg, Irian Jaya.

Usman said that APPDC's shareholders -- PT ALatieF Nusakarya
Corporation and P & O Australia Ltd. -- have agreed to invest
$100 million, comprising of an equity of $25 million and a loan
of $75 million, to construct the port and marine facilities.

According to the Hongkong and Shanghai Banking Corporation,
its Jakarta branch will contribute $17.5 million to the
syndicated loan facility for APPDC, the Commonwealth Bank of
Australia $17.5 million, the Hong Kong branch of the First
National Bank of Chicago $10 million, the Singapore branch of
National Westminster Plc. $10 million, the Jakarta branch of ABN
Amro Bank $5 million, PT IBI Indonesia Bank $5 million, the
Singapore branch of the Long-Term Credit Bank of Japan $5 million
and the Royal Bank of Scotland Plc. $5 million. (riz)