Dipasena signs $240m loan agreement

Dipasena signs $240m loan agreement

JAKARTA: PT. Dipasena Citra Darmaja, an Indonesian shrimp
farmer, today signed a loan agreement worth US$240 million with
its creditor PT Recapital Advisors, the government's asset-sale
agency said.

Recapital will provide $150 million for Dipasena's working
capital and about Rp 900 billion US$90 million) in loans for the
company's shrimp farmers, Mohammad Syahrial, president director
of the state asset-sale agency PT Perusahaan Pengelola Aset, said
in a faxed statement.

Indonesia took over Dipasena from the Gajah Tunggal Group as
part of the debt settlement of owner Sjamsul Nursalim.

"The signing of the agreement is the start of a revitalization
process" of Dipasena, the company said. We expect this "will
bring positive impacts and added value for Dipasena" and
"increase exports that will help boost the country's foreign-
exchange revenue." -- AP