Tigaraksa Satria to build LPG refill station in Surabaya

PT Tigaraksa Satria Tbk (TGKA), consumer products distribution company, plans to build liquefied petroleum gas (LPG) refill station in Surabaya in January 2012 with an investment of Rp 35 billion.

Tigaraksa will construct the gas station through its subsidiary PT Blue Gas Indonesia (BGI). The Surabaya gas station will be the second for the company after operating one LPG station in Jakarta.

?We will finance the construction of the gas station in Surabaya with our internal cash flow,? Tigaraksa Finance Director and Corporate Secretary, Troy Parwata, was quoted by Investor Daily.

At present, the company has stand-by loan facility from a number of private banks such as HSBC worth Rp 125 billion, CIMB Niaga worth Rp 130 billion, OCBC NISP and Standard Chartered Bank. The loan will be withdrawn when needed.

This year, Tigaraksa targets to book sales of Rp 6.4 trillion, up 17 percent from 2010 sales of Rp 5.5 trillion, with net profit projected to rise by 12.5 percent to Rp 102.5 billion from Rp 90.85 billion. (*)