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)