ICBC Indonesia provides $195 million loan to PT Indah Kiat Pulp & Paper Tbk for acquisition of machinery
Commitment amount
$ 218843736.06789574
Adjusted commitment amount
$ 218843736.07
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing) [State-owned Company]
Recipient
Indonesia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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.
Number of official sources
5
Number of total sources
5
Details
Cofinanced
Yes
Direct receiving agencies [Type]
PT Indah Kiat Pulp & Paper Tbk [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
PT Indah Kiat Pulp & Paper Tbk [Joint Venture/Special Purpose Vehicle]