PTPN X seeking Rp1.1 trillion in syndicated loans

Jakarta (Antara News) - State-owned plantation company PTPN X is exploring the possibility of obtaining a syndicated loan worth Rp1.1 trillion from Bank Mandiri, BRI bank, Bank Mega and BCA bank, PTPN X Financial Director Tendry Supriatno said here on Friday.

"The syndicated loan is needed to revitalize the company`s plantations which are estimated to need about Rp1.6 trillion," Supriatno said.

He said that for the revatilization of its plantations, PTPN X had held intensive talks with Bank Mandiri to obtain credits amounting to Rp1.1 trillion.

Supriatno said that the remining Rp500 billion would be taken from the company`s own money. He said it was expected that Bank Mandiri and BRI bank would lead the syndicated loans. "There are two other banks such as Bank Mega and BCA bank," he added.

Supriatno said his side had been discussing with Bank Mandiri about the credit financing plan. "We hope it would start next year while disbursement of the funds could be carried out in the 2008-2009 period," he said.

In the meantime, Bank Mandiri Director Budi G Sadikin said his bank had so far provided credits for sugar cane farmers in East Java for the 2007 - 2008 planting seasons.

The credits were channeled through the partnership program with PTPN X. It provided a credit ceiling worth Rp50 billion for about 2,500 sugar cane farmers of PTPN X.(*)
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