Subur gets Rp 37.2b syndicated loan

JAKARTA (JP): PT Subur Agrosindo Selaras, a subsidiary of poultry company Subur Group, secured a Rp 37.2 billion (US$15.5 million) syndicated loan yesterday to finance its investment projects.

The company's chief commissioner, Yusman Tamara, said the loan provided by eight local banks, would partly fund the company's Rp 67.3 billion expansion.

About 70 percent of the investment would be used to finance a corn drying production project and the remaining 30 percent to set up a bird feed plant and plastic bag plant.

The two projects will be set up in Lampung and Banjarmasin, South Kalimantan.

The bank syndication included Bank Niaga (Rp 6 billion), Bank Danamon (Rp 6 billion), Bank Panin (Rp 6 billion), Bank Uppindo (Rp 4.5 billion), Bank IFI (Rp 4.5 billion), Bank Universal (Rp 4 billion), Bank Duta (Rp 4 billion) and Bank Dewa Rutji (Rp 2.2 billion).

The interest rate of the loan, which will mature in 51 months, would range between 19.5 percent to 20 percent.

The company's vice president, Fardan Noor, said the company would increase its supply of chicken meat by about 30 percent from 153.8 million broilers in 1996 to about 200 million this year.

"We are supplying the domestic market," Yusman said after the signing of the loan. "We control about 15 percent of the national market and our supply is to help stabilizing the price of day old chickens." (10)