Niagatama signs loans

Fri, 03 Nov 1995

JAKARTA (JP): PT Niagatama Arsaraya, the property arm of the Napan Group, secured yesterday a loan commitment of around US$21 million from a syndication of local banks.

Niagatama said that the loans, arranged by Bank Pacific, will be used to finance the construction of its new star-rated hotel in Semarang, Central Java.

The hotel's construction, which will begin soon, will be completed in August, 1997.

The loan syndication members comprise of Bank Niaga, Bank Bira, Bank Sumitomo Niaga, Bank Papan Sejahtera, Bank PDFCI, Bank Merincorp and Bank Tamara.(hen)

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