By: Irvin Avriano A.
Fajar Wisesa get debt facility of US$ 120 million
JAKARTA: PT Fajar Surya Wisesa Tbk pocketing loan facility from a consortium of banks worth US$120 million from HSBC Ltd, PT UOB Buana, and Oversea-Chinese Banking Corporation Ltd (OCBC) on October 22nd, 2010.
In a press release disclosure from the stock issuers in the Indonesia Stock Exchange mentioned that the loan facility will be used to refinance its corporate bonds consisting US$ 100 million which will expire in October next year.
"The rest can be used to fund the needs of companies other needs," said Fajar Wisesa President Director Winarko Sulistyo in the release.
The financial statements of the Company as of September 2010 show that the earlier corporate bonds issued in 2006 by Fajar Paper Finance BV in the Netherlands with a rate of 10.75% per annum and released at a price level of 97.66%.
Currently, he said, the company was doing construction paper machine number 5 which is in progress which will produce corrugated medium paper with a capacity of 300,000 tons per year and is expected to start operating in January next year.
In addition, the stock issuers that factory located in Cikarang, also plans to modify two of the paper machine number 2 and number 7. Modifications were planned to increase the capacity of both machine from 350,000 tons per year to 600,000 tons per year.
Financing plans to increase that capacity was assessed from the Export Credit Agencies and HSBC with proposed loan of US$40 million to US$54 million with a tenure of 10 years and interest of 4% per year.
Based on the financial statements of September, the company shareholders consist of PT Intercipta Sempana 52.45%, PT Garama Dhanajaya 5.82%, PT Intrata Usaha Mandiri 17.48%, and public 24.3%
The company is also optimistic about their revenues that will reach IDR3.4 trillion at the end of this year, up by 24.39% compared with last year's revenue amounted to IDR2.73 trillion. Per 3rd quarter 2010, the paper packaging manufacturer posted an increase operating profit amounted to 50.66% from IDR272.14 billion in the 3rd quarter 2009 to IDR410.02 billion in the 3rd quarter 2010.