Developer gets syndicated loan of Rp 60 billion

JAKARTA (JP): PT Suryacipta Swadaya, a developer of an industrial estate in Karawang, West Java, yesterday gained a syndicated loan of Rp 60 billion (US$26.4 million) from eight domestic banks arranged by Bank Universal.

"The loan will carry an interest rate of between 20 percent and 21 present per annum, which will be reviewed monthly accordingly to market developments," a director of Bank Universal, Thomas Tampi, said after signing the loan agreement at Le Meridien Hotel.

He said Rp 57.5 billion of the loan will mature in four years, including a grace period of 15 months, while the remainder, to be used as working capital, will mature in two years.

The eight lending banks are Bank Bukopin (which will contribute Rp 12.5 billion to the loan), Bank Universal (Rp 10.5 billion), Bank Lippo and Jaya Bank International (Rp 10 billion each), Bank Panin and Bank Bira (Rp 5 billion each), Bank Kredit Asia (Rp 2.5 billion) and Bumi Daya International Finance (US$2 million).

President of Suryacipta Swadaya Basroni Rizal said yesterday that the loan will be used to accelerate the company's industrial estate project and to allow the company to complete construction before the general election in 1997.

The industrial estate, called Kota Industri Suryacipta, is being constructed on a 500-hectare area in Telukjambe, Karawang. The estate will be expanded to 1,000 hectares in the future.

Rizal said that the loan will be used to build a two- kilometer, 50-meter-wide overpass linking the industrial estate with a nearby toll road, a water treatment plant and a waste treatment center and other basic infrastructures, such as electricity, phone lines and natural gas pipelines.

He said his company has sold 70 hectares of the estate to Japanese firms for the relocation and expansion of their automotive and electronic plants.

About 62 hectares of the estate have been allocated for a housing complex for laborers who will work at the industrial estate. (kod)