AKR gets $40 million loan to expand fuel distribution business

The publicly listed chemical distributor PT AKR Corporindo Tbk (AKR) has signed an agreement with a syndicate consisting of four banks to get a US$40 million loan, Investor Daily reported Tuesday.

The loan amount will be used to finance the expansion of the fuel distribution business.

The four banks are PT Bank Central Asia Tbk (BCA), PT Bank Internasional Indonesia Tbk, PT Bank Ekspor Indonesia and PT Bank Mizuho Indonesia.

AKR president director Haryanto Adikoesoemo said that his company is planning to strengthen its position as the pioneer importer as well as distributor of fuel, especially non-subsidized fuel, in Indonesia through widening of the logistical network in Kalimantan and Sumatra and other islands.

Earlier, AKR 's head of investor relations V. Suresh said that the company would build more fuel facilities in Sumatra, Kalimantan and Bali. (*)