Tifa Multifinance gets loan

JAKARTA (JP): PT Tifa Mutual Finance Corporation, a multifinance branch of the Tifa Group, yesterday secured a US$20 million loan from seven offshore banks to refinance its existing debt.

Tifa's president, Tjipto Sujanto, said the loan was 20 percent oversubscribed and would expire in 24 months. He declined to specify the interest rate on the loan.

Banks participating in the loan syndication are American Express Bank Ltd, AFC Merchant Bank, Tat Lee Bank Ltd, UMBC International Bank, the Singapore branch of Fuji Bank Ltd, International Factors Leasing Private Ltd. and the Singapore branch of Malayan Banking Berhard.

Tjipto said that Tifa is currently looking for new partners. He refused to explain the company's present shareholder position.

Tifa was set up in 1989 with a capital of Rp 5 billion (US$2.1 million). As of June 30, 1996, its total assets were recorded at Rp 144 billion. (alo)