Elang Realty raises loan

Elang Realty raises loan

JAKARTA (JP): PT Elang Realty, a property company listed on the Jakarta Stock Exchange (JSX), secured a loan commitment of US$22 million here yesterday from a syndication of seven domestic banks.

The company announced here yesterday that the loan would be used to settle its debts to a number of local banks and its subsidiaries.

Participants of the syndicated loan include Bank Ekspor Impor Indonesia, Bank Modern, Bank Pan Indonesia, Bank Merincorp, Bank Lautan Berlian, Bank Internasional Indonesia and Bank Astin.

Elang Realty's president, Robert Sinaulan, said that the interest rate on the loan would be floated at a level related to the prime rates of the participating banks.

The company, which was listed on the JSX in October, owns the Yogyakarta-based Prambanan Hotel and a number of real estate projects.(hen)