Hotel Sahid gets $40 million loan
Hotel Sahid gets $40 million loan
JAKARTA (JP): PT Hotel Sahid Jaya International signed an
agreement yesterday on a US$40 million term loan facility with a
syndicate of international banks to finance the development of
its Menara Sahid office tower.
"The loan, which matures within four years, will be used to
finance the 38-story office building," said Chairman and
President of the Sahid Group, Sukamdani S. Gitosardjono.
The arranger of the syndicated loan is Schroder International
Merchant Bankers Limited (Schroders). Thirteen other banks and
financial institutions took part in the syndication.
Sukamdani, his wife Juliah and his children Nugroho, Haryadhi,
Exacty and Wiryanti, signed the loan agreement documents.
Robert M. Tomlin of Schroders and thirteen other executives
from the international finance institutions representing the
creditors also signed the documents.
"Of the loan, $30 million will finance the office building
project, located next to the hotel (in the Sahid City Superblok)
on Jl. Jendral Sudirman here," said Sukamdani, adding that the
remaining $10 million will be used to refinance the Sahid Jaya's
loans from other banks.
He said the office building, worth $99 million, is scheduled
to be finished in early 1998 and will be sold under the strata
title system.
Hotel Sahid Jaya International, which listed some of its
shares on the Jakarta Stock Exchange in 1990, operates 16 hotels
in Indonesia and is also engaged in banking, insurance, general
contracting, printing, general trading, textiles, integrated
wood-based industries, tour and travel services, money changing,
agriculture and food and beverages.
The company reported total assets of Rp 199 billion (US$89
million) as of last year, of which Rp 146 billion ($65 million)
was equity.
Sukamdani announced yesterday that his company will soon build
a 50-story hotel, called Hotel Sahid Perdana, near the Sahid Jaya
Hotel.
The $130 million hotel project will be a five-star diamond
property with 600 rooms, he said. (kod)