Jun 21, 2010

Multistrada signs US$185 m loan deal

Tire manufacturer PT Multistrada Arah Sarana Tbk (MASA)has entered into syndicated loan agreement of US$185 million with PT Bank International Indonesia Tbk (BII), PT Bank CIMB Niaga Tbk, The Hongkong and Shanghai Banking Corporation Limited (HSBC), and Unicredit AG Germany on June 16 2010.
According to a press release submitted by Multistrada to Indonesia Stock Exchange today, the loan will be used by Multistrada to underpin production capacity expansion of car tire from 17,000 units per day to 28,500 units per day.
The loan facility will be utilized to support capacity expansion of motorcycle tire from 8,000 units per day to 16,000 units per day. Of the total loan, BII, CIMB, and HSBC will provide US$143 million, while Unicredit AG Germany will channel US$42 million.
"The loan is hopefuly to fasten development of Multistrada business," said Multistrada's President Director Pieter Tanuri.
Multistrada is car tire maker under brand names Achilles, Corsa, Strada, and motorcycle tire dubbed Corsa.

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