Steady Safe obtains loan

Steady Safe obtains loan

JAKARTA (JP): PT Steady Safe, a publicly-listed transport
company, has signed an agreement with a syndication of 22 banks
for a US$100 million loan that will be used to enlarge its armada
and repay its debts.

The company will spend $75 million for the purchase of 1,000
new buses and $25 million to refinance the firm's existing debts,
it said in a statement yesterday.

The loan agreement, which was signed in June, was approved
Thursday by the firm's shareholders in their second extraordinary
meeting.

Steady Safe currently operates taxi cabs and passenger buses
in Jakarta and plans to engage in ferry and train services.

It recorded a 44 percent rise in net profit to Rp 23.1 billion
($9.8 million) in the first half of the year over the same period
of 1995. (jsk)