Jul 23, 2010

Trada secures US$50 mio loan from IFC

PT Trada Maritime Tbk (TRAM), sea transportation provider, has secured US$50 million of loan from International Finance Corporation (IFC) dan The Bank of Tokyo-Mitsubishi UFJ Ltd.
In a public statement to Indonesia Stock Exchange (IDX), IFC has committed to provide US$35 million of loan to Trada, while the remaining will be chanelled by Bank of Tokyo-Mitsubishi.
The loan facilities will be used by Trada to support ship conversion, FSO Lentera Bangsa, in a bid to meet contract requirements sealed from CNOOC SES Ltd. 
"Loan facilities from both international institutions are strategic way for Trada to prepare a wider market," the announcement said.
In the third quarter last year, Trada grabbed contract for providing services of floating, storage, and offloading from CNOOC.
To meet the requirements, Trada is underway to convert its ship Lentera Bangsa through Cosco Shipyard Guang Zhou China, which will be operated in January 2011.

Disclosure: No position at the stock mentioned above.

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