Cita Mineral signs $35m loan agreement with OCBC
Thursday, March 3 2016 - 03:06 PM WIB
By Ruli Setiawan
IDX-listed smelter owner PT Cita Mineral Investindo Tbk announced on Thursday that it signed on March 1 a Specific Advance Facility (SAF) agreement worth US$35 million with Oversea-Chinese Banking Corporation Limited.
The loan has a tenor of two years and carries an interest of 2.8 percent per year. The loan will be used for working capital and general corporate funding purposes.
Cita Mineral through a joint venture company PT Well Harvest Wining Alumina Refiney is developing a $1 billion alumina smelter in Ketapang, West Kalimantan province. Cita Mineral owns 25 percent of Well Harvest, with the remaining 75 percent held by China?s Hongqiao Group Ltd.
Editing by Johannes Simbolon