Suryacipta Swadaya to secure $30m loan
Suryacipta Swadaya to secure $30m loan
JAKARTA (JP): Industrial estate developer PT Suryacipta
Swadaya, a subsidiary of PT Surya Semesta Internusa, is set to
secure a US$30 million loan from the London-based Commonwealth
Development Corporation (CDC).
The company said over the weekend that the six-year loan would
be signed here tomorrow.
The loan will be used to finance the construction of the
second phase of its industrial park in Karawang, West Java.
It indicated the British government's confidence in the
Indonesian economy despite the economic crisis, which has
blighted the country since early July, the company said.
Such a commitment also indicated the CDC's confidence in the
future of real estate development in Indonesia, it added.
The CDC, established by the British government in 1948 to
finance long-term projects and to perform private placements, has
operated in Indonesia since 1971 and has so far provided around
S$300 million in loans to Indonesian companies.
In the last 12 months, the institution has agreed to finance
$122 million worth of projects.
Suryacipta Swadayap's industrial estate in Teluk Jambe,
Karawang, called Kota Industri Suryacipta (Suryacipta Industrial
City) is an integrated industrial estate. It comprises an
industrial park development, ready-to-use plants, a commercial
complex, clean water and waste water proccessing centers,
telecommunication and electricity facilities, dormitories and
low-cost housing.
In April 1995, the company obtained a Rp 60 billion (then
$26,000) loan from a syndication of local banks to finance the
first phase of the industrial estate construction, which covers
about 500 hectares.
The company repaid the debt in March this year, or two years
before it matured.
The second phase, will develop around 900 further hectares.
Sixteen foreign and local companies have established their
factories on the estate. These include ceramic maker PT Keramika
Indonesia Asosiasi, electronic goods producer PT JVC Electronic
Indonesia, battery maker PT GS Battery Inc, and tiremaker PT
Bridgestone Tire Indonesia. (08)