Arisamandiri gets $27 million loan

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)