Niagatama signs loans

Niagatama signs loans

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)