PT Duta Anggada gets $69m syndicated loan

JAKARTA (JP): PT Duta Anggada Realty, a property developer listed on the Jakarta Stock Exchange, signed here yesterday a US$69 million loan syndication, an executive said.

The company's president, Hartadi Angkosubroto, told reporters after signing the agreement that the loan from five banks was arranged by PT Bank Negara Indonesia as the lead arranger.

The other banks participating in the syndication included the state-owned PT Bank Rakyat Indonesia, PT Bank Indonesia Raya (Bank BIRA), PT Bank Sumitomo Niaga and PT Bank Pacific.

The interest rate on the term loan was set at 3 percent above the Singapore Bank Offered Rate (SIBOR).

Hartadi said that the 10-year loan will be used for the construction of its first hotel, J.W. Marriott, in a 3.5 hectare area behind the Chase Plaza building here.

The hotel, the first to be built by Duta Anggada, will be managed by the Marriott hotel chain.

"We will also build apartments, a shopping center, and an office building near the hotel," Hartadi said.

He said that the hotel is scheduled to open in 1999.

"We will need about $200 million for all those property projects," he said, adding that the investment would partly be financed with equity capital.

The company is 31.13 percent owned by PT Duta Anggada, 13.78 percent by PT Gunung Sewu Kencana, 9.71 percent by PT Hayam Wuruk Sakti, 36.01 percent by the investing public and the rest by individual shareholders.

The company's total assets increased by 17.8 percent to Rp 775.1 billion ($348 million) last year from 1993. (31)