Publicly listed heavy equipment firm PT United Tractors Tbk (IDX: UNTR), is ready to close a project loan worth $3.2 billion from eight foreign banks to finance the 2,000-megawatt Tanjung Jati steam-powered plant project in Central Java. United Tractors holds 25 per cent of the $4.2 billion project, along with Japan Kansai Electric (25 per cent) and Sumitomo Corp (50 per cent). Finance Director of United Tractors Iwan Hadiantoro, said the loans will be provided by six Japanese banks– about 50 per cent will be granted by Japan Bank For International Cooperation-and two French banks. The company has also secured a power purchasing agreement with state owned power producer PT Perusahaan Listrik Negara for the duration of 25 years. In 2015, United Tractors recorded consolidated net revenue Rp49.3 trillion or 7 per cent lower compared to Rp53.1 trillion in 2014 with net profit recorded at Rp3.9 trillion, down 28 per cent from Rp5.4 trillion in 2014.
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