Texmaco gets $100m loan

JAKARTA (JP): The Texmaco Group, a major textile company in Indonesia, has placed a US$100 million floating rate note issue with a consortium of major international banks led by Hong Kong- based Sumitomo Finance.

Sumitomo Finance (Asia) Ltd said in a statement in Hong Kong over the weekend that the floating rate note issue for PT Texmaco Perkasa Engineering, a subsidiary of the Texmaco Group, was co- arranged with 16 banks, including the Hong Kong branch of Bank Negara Indonesia, BT Asia Ltd, Overseas Union Bank Ltd, Peregrine Fixed Income Ltd and Seoul Bank.

PT Texmaco Perkasa Engineering built a purified terephthalic acid (PTA) and polymer plant in Karawang, West Java, for PT Polysindo Eka Perkasa, another subsidiary of the Texmaco Group.

The plant was inaugurated by President Soeharto two weeks ago. (bnt)