Duta Anggada taps IDR500 billion loans

JAKARTA: PT Duta Anggada Realty Tbk seeks a IDR500 billion bank loan facility to construct 3 new projects this year.President Director Ventje Suandara stated the 3 projects are 3-star hotel and an apartment and retail district in Bali and an office tower in Sudirman, Jakarta.The developer is currently conducting a negotiation with 3 domestic banks to pocket the fund.For hotel project in Bali, Duta Anggada needs IDR100 billion and around IDR250 for apartment and retail district project. The company has not fix the required fund for the office tower project.Based on its financial statement per March 31, 2011, Duta Anggadas total bank loan reached IDR1.47 trillion. Bond equity recorded at IDR6.09 billion.With IDR753.8 billion equity and IDR1.48 trillion interest charged debt, the company's debt to equity ratio is at 1.96 times.RiskyPT Indosurya Asset Managements Managing Research Reza Priyambada stated Duta Anggadas DER position is the highest among other similar companies. Average DER for property companies is 0.75 time.Based on its debt equity ratio, its DER is 2.9 times, followed by SMRA at 1.86 times and LPCK at 1.96 times.In his opinion, an additional IDR500 billion debt is risky. (T05/NOM)