Ciputra Adigraha gets $260m loan

Ciputra Adigraha gets $260m loan

JAKARTA (JP): Ciputra Adigraha, through its wholly owned
subsidiary Ciputra Adigraha Finance BV, has secured a syndicated
loan of US$260 million to support its property projects.

The company said the loan signed in Denpasar Saturday had been
provided by 17 local and foreign banks.

PT Ciputra Adigraha, a joint venture of Ciputra Group, Hong
Kong and Shanghai Hotels Limited and NatSteel Properties Limited,
would use the loan to finance the construction of the 125,000-
square-meter Mal Ciputra shopping center, the 300-room five-star
diamond Peninsula hotel and the 620-room four-star Ciputra hotel
on one site in Jakarta.

Candra Ciputra of Ciputra Adigraha said the loan reflected the
17 banks' confidence in the shareholders and the project.

HSBC Investment Bank Asia Limited's Singapore branch arranged
the loan, in which Hong Kong and Shanghai Banking Corporation
Limited, Keppel Bank, PT Bank Negara Indonesia Tbk and Mayalan
Banking Berhad acted as co-underwriters.

Other participants include Societe Generale, Tat Lee Bank
Limited, Overseas-Chinese Banking Corporation Limited, PT Bank
Negara Indonesia Tbk, Wing lung Bank, Banque Nationale de Paris,
Bank of Commerce (L) Limited, Bank of China, Den Danske Bank,
Bumi Daya International Finance Limited, Staco International
Finance Ltd., First Commercial Bank Ltd., Ta Chong Bank Ltd., and
KEXIM Asia Limited.

The mixed development is expected to be a landmark in
Jakarta's Golden Triangle district, which is expected to become
an international tourism and shopping belt.

Candra said the mall was expected to be completed in early
1999, and the two hotel towers would be finished by early 2000.

"Once the project is completed, it will be expected to draw
between 200,000 and 300,000 people every week," he said. (13)