PDFCI and BTN provide $390m for toll road project
PDFCI and BTN provide $390m for toll road project
JAKARTA (JP): Publicly-listed Bank PDFCI and state-owned Bank
Dagang Negara (BDN) are jointly arranging a syndication loan of
Rp 920 billion (US$390.3 million) for a consortium of companies
in charge of building a 19.2-kilometer toll road in the city.
"The loan agreement will be signed here next week," R.C. Eko
Santoso Budianto, a director at Bank PDFCI, said after the bank's
annual and extraordinary shareholders meetings yesterday.
The 19.2-kilometer toll road, linking Cikunir in Bekasi, West
Java, and Tanjung Priok in North Jakarta, is currently being
built by PT Citra Bhakti Margatama Persada, a consortium of
state-owned highway operator PT Jasa Marga, PT Citra Lamtoro Gung
Persada, PT Tridan Satriaputra Indonesia, PT Baskara Duniajaya
and Tiara Indah Foundation.
Eko said his bank is arranging Rp 430 billion of the total
loan, while BDN is arranging the rest, or Rp 490 billion. The
loan syndication involves some 30 local banks.
"We have taken the lead and involved local banks because
foreign banks are not interested in financing the toll road.
Maybe it's because the revenues from the toll way will be
denominated in rupiah," he added.
Meanwhile, Bank PDFCI's president, Eddie Tong, said that his
bank is increasing its fee-based revenues, including those from
loan syndication services, foreign exchange trading and other
banking services.
Last year, Bank PDFCI recorded fee-based revenues of Rp 11.5
billion, or 6 percent of its total revenues. Of the fee-based
revenues, Rp 2.1 billion came from service fees, 2.6 billion from
foreign exchange trading and Rp 7.5 billion from other fees and
commissions, including from loan syndications.
"The year 1995 was the beginning of our focus on investment
banking activities," Eddie said, adding that the bank was
involved in a total loan syndication of Rp 1 trillion last year,
including $75 million for publicly-listed oil firm PT Medco
Energi to acquire PT Stanvac Indonesia from America's Mobil Oil
and Exxon.
During the first quarter of this year, the bank booked total
fee-based revenues of some Rp 7 billion.
Earlier this year, the bank was assigned to arrange and
provide bank guarantees worth Rp 707 billion to three
telecommunications firms to build and operate telecommunications
networks in Central Java, West Java and Kalimantan island.
Because of its active participation in loan syndications,
International Financing Review magazine included Bank PDFCI in
its Top 50 International Arrangers in the Asia Pacific Rim in the
first quarter of this year.
Bank PDFCI's shareholders yesterday agreed to the bank's plan
to distribute dividends of Rp 110 per share for 1995 or 44.5
percent of its total profit per share.
The bank's total assets grew by 19 percent to Rp 1.5 trillion
as of the end of last year from Rp 1.3 trillion as of the end of
1994. Its net consolidated profits increased to Rp 23.2 billion
last year from Rp 15.1 billion in 1994.
As of December 1995, the bank was 19.8 percent owned by PT
Bahana Investa Argha, 17.42 percent by Bank Indonesia and its
pension funds, 9.77 percent by Nippon Credit Bank, Ltd. of Japan,
5.72 percent by PT Pan Indonesia Bank, Ltd. and 4.09 percent by
DEG-Deutsche Investitions und Entwicklungsgesellschafts mbH of
Germany. (rid)