Narrative
Full Description
Project narrative
On April 15, 2015, ICBC Indonesia and PT Sarana Catur Tirta Keola (SCTK) — a special purpose vehicle — signed an IDR 102 billion loan agreement for the East Serang Water Processing Plant Construction Project. The loan carries an 8 year maturity and 12.5% floating interest rate. The proceeds of the loan were to be used by the borrower to finance approximately 70% of the total cost of the IDR 146.7 billion East Serang Water Processing Plant Construction Project. The purpose of the project is to construct a water processing plant that is capable of meeting the clean water supply needs of industrial and business customers in East Serang. Construction was expected to reach completion in 2017. The remainder of the financing is provided by SCTK.
Staff comments
1. SCTK is a water treatment company owned by PT Potum Mundi Infrastructure, which is a subsidiary of PT Nusantara Infrastructure Tbk. 2. The shareholders of PT Nusantara Infrastructure Tbk are PT Metro Pacific Tollways Indonesia (74.65 percent), PT Indonesia Infrastructure Finance (10.00 percent), and public (15.35 percent). 3. PT Metro Pacific Tollways Indonesia is a wholly owned subsidiary of Metro Pacific Investments Corporation, which is a Philippine-based unit investment holding company of First Pacific Company Limited through Metro Pacific Holdings, Inc.