Narrative
Full Description
Project narrative
In 2022, PT Kobexindo Cement — a special purpose vehicle and joint venture of Hongshi Group and PT.Kobexindo — signed an RMB 3.6 billion syndicated facility (loan) agreement with 6 Chinese banks (Bank of China, Industrial and Commercial Bank of China, China Eximbank, China Minsheng Bank, Industrial Bank Co., Ltd., and Ping An Bank) and 3 Indonesian banks. China Eximbank is the lead arranger of the syndicate. The loan consists of two tranches: an RMB 2.15 billion tranche with 6 Chinese banks (Bank of China, Industrial and Commercial Bank of China, China Eximbank, China Minsheng Bank, Industrial Bank Co., Ltd., and Ping An Bank and an IDR tranche with three unknown Indonesian bank participants. The purpose of the project is to construct a cement facility in East Kalimantan. Construction of a wharf for the cement facility commenced on April 23, 2022. Then, on October 18, 2022, the first loan disbursement took place. The first phase of the project was originally expected to reach completion by May 2023. Record ID#96323 captures China Eximbank's estimated contribution to the syndicated loan tranche, Record ID#105338 captures ICBC's estimated contribution, and Record ID#105339 captures BOC's estimated contribution.
Staff comments
1. The Chinese project title is 红狮集团印尼东加曼丹项目 or 红狮印尼东加银团项目. 2. China Minsheng Bank, Industrial Bank Co., Ltd., and Ping An Bank are private banks. 3. The individual contributions of Bank of China, China Eximbank, and the Industrial and Commercial Bank of China to the loan syndicate are unknown. For the time being, AidData assumes equal contributions to the RMB 2.15 billion (RMB 358,333,333) loan tranche across the 6 known Chinese bank participants in the syndicate. Record ID#96323 captures China Eximbank's contribution to the syndicated loan tranche, Record ID#105338 captures ICBC's contribution, and Record ID#105339 captures BOC's contribution.