Jakarta Setiabudi to refinance subsidiary loan

Property company and hotel operator PT Jakarta Setiabudi Internasional Tbk said in filing to the Indonesian Stock Exchange on Tuesday (March 2) that has signed a loan deal with PT Bank ICBC Indonesia with an undisclosed value.

The loan will be used to refinance medium term notes (MTN) worth Rp US$12 million of its subsidiary PT Metropolitan Realty International (PT MRI), which will mature at end of this month.

It said the loan to MRI is being treated as loan by MRI shareholders. The loans will be withdrawn prior to due date of the MTN.

Jakarta Setiabudi holds 75% stakes in MRI. The company had total asset of Rp2.57 trillion as of Sept 30, 2009. The stock is rarely traded. The last quoted price was Rp700 in Oct 15, 2009. At that price, Jakarta Setiabudi has market capitalization of Rp1.62 trillion.

The company reported sales revenue of Rp651 billion in nine months of 2009, unchanged from the same period in 2008, with net profit of Rp74 billion, doubled from nine months of 2008. Jan Darmadi's family is the controlling shareholder of Jakarta Setiabudi. (Roffie Kurniawan)

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