Dharmala gets $16.9m loan

JAKARTA (JP): PT Dharmala Intiland has signed an agreement with a bank syndication led by the Palmerah branch of Panin Bank to secure a loan of Rp 40 billion (US$16.9 million).

The company said yesterday that the fund will be used to finance the development of the Wisma Dharmala building in Surabaya, East Java.

The 10-year-term loan will pay for 55 percent of the project, while the remainder will be financed with equity, the company said.

The syndication includes Tamara Bank, Pikko Bank, Universal Bank, Metropolitan Bank and Nusantara Parahyangan Bank. (jsk)