Semen Gresik: in IDR3.55trn funding deal with bank Mandiri

Semen Gresik: in IDR3.55trn funding deal with bank Mandiri
Published: 29 May 2009

Semen Gresik Group said Thursday that it has secured a IDR3.55 trillion debt-financing facility with PT Bank Mandiri (BMRI.JK) to fund the construction of a cement plant and power generators by its unit PT Semen Tonasa.

Semen Gresik said in a statement that the planned cement manufacturing plant would have annual output of 2.5 million metric tons.

It said the annual interest on the financing will be 12%.

Semen Gresik Group comprises PT Semen Gresik (SMGR.JK), Indonesia’s largest cement maker by sales, and its units.

The statement said Semen Gresik group’s capital expenditure between last year and 2014 will total $1.3 billion, but didn’t elaborate further.