Financindo secures loans

JAKARTA (JP): PT Tunas Financindo, a subsidiary of PT Tunas Ridean, signed a loan syndication worth US$30 million in Singapore yesterday to strengthen its working capital.

The company announced yesterday the loan, arranged by HSBC Investment Bank Asia Limited, was 23 percent oversubscribed.

Tunas Financindo, established in 1989, deals with consumer financing for automotive purchases.

The company provided financing facilities worth Rp 261.32 billion in 1996, up from 138.5 billion in 1995. This year, the firm's financing portfolio is expected to reach Rp 323.7 billion.

The firm's total assets increased to Rp 321.65 billion last year from Rp 196.5 billion in 1995. It is expected to reach 405.31 billion this year. (09)