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Tuesday, June 22, 2010

Multistrada gets US$185 million loans: Summarecon negotiates IDR250 billion loans

Friday, 11/06/2010 00:00 WIB
Multistrada gets US$185 million loans: Summarecon negotiates IDR250 billion loans
Irvin Avriano A.

JAKARTA: PT Multistrada Arah Sarana Tbk, car and motorcycle tire producer, got US$185 million loans for 2010 expansion.

Director of Multistrada J. Sukarman said the loan was attained from the syndicated banks of PT Bank Internasional Indonesia (BII), PT Bank CIMB Niaga Tbk, HSBC, and Credit Union from Germany with US$40 million loans.

" In addition to the expansion, some of the loans or US$30 million will be allotted for working capital to support the soaring production," he said in Jakarta yesterday.

The production rise here is the mounting production of car tires from 16,000 tires per day into 22,500 tires per day by end of the year. Early next year, the capacity will be 28,500 tires per day.

"With expanding production capacity here, the company targets to grow the revenue by IDR2.2 trillion and IDR5 trillion next year. The capital expenditure budget this year is US$150 million and we have spent US$15 million," he added.

Despite the outstanding debt of US$40 million and US$16 million should be paid quarterly, the company is optimistic the additional US$185 million loans will not worry the debt to equity ratio. Last year the company booked IDR174.86 billion net profits and this year the net profit is estimated at IDR152 billion.

Regarding the acquisition scheme of PT Astra International Tbk for tire company this year, President Director of Multistrada Pieter Tanuri claimed to be ready for Astra acquisition. But he fails to detail the amount of the stock offer.

Separately, property developer PT Summarecon Agung Tbk has been negotiating loan with a private bank to fund the IDR250 billion Summarecon Serpong Mall project.

President director of Summarecon Jo-hanes Mardjuki said the loan is part of the debts allotment as the capital expenditure worth IDR800 billion up to next year.

"We allocate the capital expenditure for Manara I apartment, Harris Hotel, Summarecon Bekasi phase I, and Summarecon Serpong Mall. But, we cannot name the bank identity for the IDR250 billion loans as it is not finalized yet," he said.

Johanes added the loan will complete the IDR250 billion loans provided by PT Bank Mandiri Tbk to finance infrastructure development in Summarecon Bekasi.

With that loan, the regulation requires the company to change Bank Mandiri as the trustee board of the II/2008 bonds and I/2008 sukuk to PT Bank Rakyat Indonesia Tbk. (Bisnis/iaa)

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