Muliakeramik gets loan

Muliakeramik gets loan

JAKARTA (JP): Ceramics producer PT Muliakeramik Indahraya, a subsidiary of PT Mulia Industrindo closed a loan agreement worth US$47.5 million with a number of foreign banks on Tuesday.

The company said that the five-year syndicated loan was arranged by Bankers Trust Company, Bank Credit Lyonnais Indonesia, Commerzbank, the Development Bank of Singapore and eight other banks.

Muliakeramik will use the loan to expand its production capacity to 41 million square meters of floor and wall tiles per year.

"Foreign demand has been increasing recently but we cannot meet it. We'll make this expansion to meet the growing need," a director of Mulia Industrindo, Dodi Pryambodo, said after the signing ceremony for the loan agreement.

The company's exports are mostly to the United States, Australia, Hong Kong, Singapore and other Asian countries. (13)