TransCorp Secures $450 Million Syndicated Bank Loan

Indonesia Finance

Wednesday, 02 March 2011 08:45

Theindonesiatoday.com - Nine foreign banks have provided loan commitment worth US$450 million (Rp3.95 trillion) to PT Trans Corporation (Trans Corpora/TransCorp), member of Para Group owned by Chairul Tanjung (CT), Investor Daily reported this morning.

That nine banks include JP Morgan, Citibank, Credit Suisse, HSBC, Royal Bank of Scotland, and Standard Chartered.

Chairul, also chairman of Para Group, said the loan commitment which has 5 year tenor will be signed in the third week of March and will be used for funding the Trans TV Studio in Bekasi.

On Trans Corp investment, Chairul said it needs up to US$2 billion until 2014. He said the company expects to be listed in IDX in 2015, waiting on market cap quadrupling. In the end of 2010, Trans Media assets reached Rp72 trillion.

Meanwhile, Ishadi SK, TransCorp's commissioner, said Para Group has canceled plan to acquire the Carrefour shares in Malaysia. As a follow up, the company will develop minimart business, Trans-Mart.

“We cancel the Malaysia acquisition, as it has been taken by Khazanah (Berhad),” he said, adding the Group has withdrawn its offer to acquire Thailand’s Carrefour as it already being acquired by Japan-based Casio.

As a follow up, Ishadi said the company will focus on the existed retail development Carrefour, and opening new minimart business Trans-Mart. The minimart expected to open this year. (bintang@theindonesiatoday.com)

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JAKARTA, Indonesia Today - Persib Bandung, an Indonesian Super League club, considers to launch the initial public offering (IPO) by offering 45% shares to public investors, Investor Daily reported this morning.

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