Bakrie secures $75m loan

Bakrie secures $75m loan

JAKARTA (JP): Publicly listed PT Bakrie Sumatra Plantation
signed a US$75 million syndicated loan facility yesterday to
finance the development of a new oil palm plantation in the
district of Sanggau, West Kalimantan.

Bakrie Sumatra's president, Hanif Bakri, told journalists
yesterday the loan has a maximum term of seven years.

Hanif said the Singapore branch of Credit Suisse acted as the
lead arranger of the loan facility, in which 16 banks from
Europe, Japan, Hong Kong, Malaysia, China and Indonesia took part
in.

Commenting on the new oil palm plantation, he said in the
first phase which began early this year, the company developed
approximately 40,000 hectares.

"We have a total area of around 200,000 hectares and we will
start to expand the plantation next year," he added. (alo)