STUD gets $29m loan

JAKARTA (JP): PT Sumatera Timber Utama Damai (STUD), a plywood producer based in Batam, has secured a syndicated loan worth US$29 the company's president said Friday.

Sudjono Halim said the loan would refinance the company's loans.

"But we will use part of the loan to replace machinery and increase efficiency," Bisnis Indonesia quoted him as saying.

He said the loan signed Friday was made jointly by the Singapore branch of BHF-Bank Akltiengesellschaft and Bank Dagang Nasional Indonesia.

Sudjono said other banks in the syndicate were Commerzbank Aktiengesellschaft, Bank Bumi Malaysia, Industrial and Commercial Bank, Maybank International, the Daichi Kangyo bank Ltd and Sanwa Bank Indonesia.

He said Sumatera Timber booked net sales of Rp 246 billion in the financial year to December, 1996. (09)