Drassindo gets loan

JAKARTA (JP): PT Mustika Ratu Adji, a joint venture between PT Mustika Ratu Investama and PT Kusuma Propertindo of the Drassindo Group, secured here yesterday a syndicated loan of about Rp 70 billion (US$29.2 million) from 12 local banks to finance the Drassindo Tower construction.

General Manager of Mustika Ratu Adji, Djamal Zuhdi, said the loan was arranged by Bank Universal and Bank Putera.

He said the loan was about 70 percent of the cost of building the 26-story office building in Jl. M.T. Haryono in South Jakarta.

He said the turnkey project needed investment of about Rp 100 billion, of which 30 percent would come from the company's equity.

He said Drassindo Tower would be completed in July.

"Now we've completed 70 percent of the office building," he said.

Mustika Ratu Adji is 60 percent owned by PT Kusuma Propertindo of the Drassindo Group and 40 percent by Mustika Ratu Investama, the holding company of the Mustika Group. (bnt)