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Overview

ICBC Leasing contributes to $195 million loan to PT Indah Kiat Pulp & Paper Tbk for acquisition of machinery

Commitments (Constant USD, 2023)$102,004,342
Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Cofinancing agencies

State-owned Commercial Banks

  • PT Bank ICBC Indonesia

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PT Indah Kiat Pulp & Paper Tbk

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • PT Indah Kiat Pulp & Paper Tbk

Loan description

ICBC Indonesia and ICBC Leasing $195 million club loan to PT Indah Kiat Pulp & Paper Tbk for acquisition of machinery

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2015, ICBC Indonesia and ICBC Leasing signed a $195 million club loan agreement with PT Indah Kiat Pulp & Paper Tbk — a subsidiary of Asia Pulp & Paper (APP), which is itself a subsidiary of Sinar Mas Group (or Sinarmas Group) — for the purchase of machinery.

Staff comments

1. PT. Purinusa Ekapersad is the parent company of PT Indah Kiat Pulp & Paper Tbk and a part of Sinar Mas Group. PT. Purinusa Ekapersada holds a 52.72% ownership stake and Masyarakat has 47.28% ownership stake in PT. Indah Kiat Pulp & Paper Tbk. 2. The individual contributions of each bank to the club loan is unspecified. For the time being, AidData assumed that each bank provided equal contributions ($97.5 million).