Berlian gets $68m loan

JAKARTA (JP): Shipping company PT Berlian Laju Tanker has secured a US$68 million syndicated loan arranged by Mees Pierson from five European banks, an executive said yesterday.

The company's corporate secretary, Kevin Wong, said after its extraordinary meeting here that the loan, and a finance package from the International Finance Corporation (IFC), would finance the purchase of 10 new chemical tankers.

Kevin said the IFC finance package was secured earlier. It comprised $20 million in equity participation and $22 million in a loan.

He said Berlian Laju Tanker would buy the tankers from Japan and China for operation about the end of 1998. They will weigh between 6,500 to 8,000 tons.

The company specializes in transporting oil products, liquefied petroleum gas, asphalt and liquid chemicals. It operates 21 tankers, 10 owned by the company.

Kevin said the company's profit increased from Rp 9.64 billion ($3.9 million) in 1995 to Rp 13.37 billion in 1996. It will distribute Rp 4.58 billion in dividends. (13)