Mulia to raise loans

JAKARTA (JP): Shareholders of publicly-listed PT Mulia Industrindo have agreed on the company's plan to raise US$48 million in loans within four years from PT Eka Gunatama Mandiri to strengthen the capital of its subsidiary PT Muliaglass.

Mulia Industrindo said in a statement that the shareholders at Wednesday's meeting also agreed that Muliaglass, a glass manufacturer, will accrue another $75 million in loans within five years from a syndication of banks led by Bank of America and Bank Bira.

The president of Mulia Industrindo, Eka Tjandranegara, was quoted by the statement as saying that the loans will be used to finance the third-phase expansion of Muliaglass's annual production capacity by 210,000 tons.(01)