Jan 31, 2011

Summit Finance gets US$200 mio loan

PT Summit Oto Finance has sealed US$200 million loan facility to underpin its expansion program. As quoted by Bisnis Indonesia today, Summit Finance has secured US$25 million loan from International Finance Corporation (IFC), subsidiary of World Bank.
Adding to that, IFC is also helping Summit Finance to mobilize another US$175 million loan facility. Summit Finance Corporate Secretary Saiful Ichlas declined to comment about the loan facility.
In July last year, Summit Finance secured US$75 million loan from IFC, consisting of two tranches loan US$50 million and US$25 million. The loan was used to support loan channeling for motorbike.

Disclosure: No position at the stock mentioned above.

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