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