Aug 20, 2010

Sierad seals Rp63.50b loan from CIMB

PT Sierad Industries, wholly owned subsidiary of publicly listed poultry company PT Sierad Produce Tbk, has secured Rp63.50 billion credit facility from PT Bank CIMB Niaga Tbk.
The credit facility has been signed by Sierad Industries and CIMB Niaga on August 16 2010. The facility will be used by Sierad Industries to buy 4,457.86 squre meter office space on 7th floor at The City Center.
Based on a binding office spare agreement with developer PT Greenwood Sejahtera, Sierad Industries has to pay Rp79.44 bilion for the office space.
"We will buy the office space using loan facility from CIMB Niaga and internal cash," Sierad Produce Corporate Secretary Elies Lestari Setiawan in a public statement submitted to Indonesia Stock Exchange today.

Disclosure: No position at the stock mentioned above.

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