Edible oil maker gets $30m loan

Edible oil maker gets $30m loan

JAKARTA (JP): Publicly listed cocoa and edible oil producer PT
Cahaya Kalbar has secured a US$30 million syndicated loan from
local and foreign banks.

A director of the firm, Robertus Sampara Lie, said yesterday
about $19 million of the loan, which had a maturity of two years
and an interest rate of 1.5 percent above the Singapore Inter
Bank Offer Rate (SIBOR), would be used to finance the acquisition
of PT Mintawi, another edible oil producer.

"The balance of $11 million will be used to pay off the short
revolving loan and will also be used as a standby loan," he said
yesterday.

He said the loan was arranged by the Singapore branch of the
Netherlands-based Rabobank and its joint venture, Rabobank Duta
Indonesia.

Other banks involved include Sanwa Bank Ltd. of Singapore, PT
Sanwa Indonesia Bank, PT Bank DBS Buana, the Development Bank of
Singapore Ltd, the Singapore branch of Arab Banking Corp., the
Singapore branch of Commerzbank Aktiengesellschaft, the Singapore
branch of Royal Bank of Scotland, the Singapore branch of
Standard Chartered Bank, the Singapore branch of Tokai Bank Ltd.

Robertus said the company's net profit was expected to
increase to Rp 28 billion this year from Rp 17.2 billion in 1996.

Net profit was projected to further increase to Rp 42 billion
in 1998, he said.

He said the company expected sales of Rp 154 billion in 1997
and Rp 222 billion in 1998. (aly)