Arisamandiri gets $27 million loan

JAKARTA (JP): PT Arisamandiri Pratama, a Semarang-based plastics manufacturer, signed yesterday a US$27 million syndicated loan from 11 local and foreign banks.

The loan was co-arranged by publicly listed Bank Umum Servitia and Hong Kong's Indover Asia Limited.

Tarunodjojo Nusa, a Bank Servitia director, said the four-year loan would carry an interest rate of between 3 and 3.25 percent above SIBOR (Singapore Interbank Offered Rates) a year.

Arisamandiri's president Nurtjahja Tanudisastro said the loan would refinance the company's existing debts and expand its production plant.

"We also plan to build a training center to train our employees," he said after the loan signing.

The syndication comprises 11 local and foreign private banks, and a state-owned bank.

They include: Bank Dharmala, Bank Pan Indonesia, Bank Namura Internusa, Bank Utama, Sanwa Indonesia Bank, and the state-owned Bank Negara Indonesia.

The syndication's head manager, Hong Kong and Shanghai Banking Corporation Ltd, participated in the syndication with US$4.5 million.

PT Arisamandiri is a subsidiary of the Tiger Group.

It produces plastic packaging and components for electronic appliances such as cosmetics and food products.

Fifty percent of its products are exported to 25 countries, including the United States, Canada, Japan and Australia. (das)