JAKARTA (Yosefardi) – Property developer PT Modernland Realty Tbk (MDLN) allocates Rp1.2 trillion for its capital expenditure (capex) next year, mostly used to fund land acquisition.
The company also plans to enter hotel business by building 3-star hotel in Cikande, Serang, Banten which costs Rp100 billion.
The company had in November 15, 2013 signed the loan facility agreement amounting US$45 million with Standard Chartered Singapore and Standard Chartered Jakarta.
MDLN has last month signed agreement with Citi, UBS, and Nomura for the company’s US$150 million 11% Notes, part of the proposed US$300 million 10% Notes approved by shareholders.