Steady Safe gets loans

JAKARTA (JP): Land transportation firm PT Steady Safe has received syndicated loans of US$100 million from 20 overseas banks arranged by Hongkong Shanghai Banking Corporation, Singapore.

Steady Safe said in a statement over the weekend that the interest rate of the loans was set at 1.7 points above the Singapore Inter-Bank Offered Rates.

The agreement on the loans was signed in Singapore Thursday.

The statement said the loans will be used to finance the company's business expansion to provide 1,000 additional public buses for operations in the greater Jakarta area.

Steady Safe, in cooperation with the city administration-owned PPD, currently operates 248 air-conditioned buses in Jakarta.(kod)