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AKARTA: Publicly listed PT Hotel Sahid Jaya International Tbk (SHID) announced on Thursday that it has secured loans worth Rp 180 billion from Bank CIMB Niaga.

SHID will use Rp 120 billion from that to refinance its loans from Bank Mega obtained in 2008 that will mature in 2013. The remaining Rp 60 billion will be used to renovate rooms and other facilities at SHID’s hotels.

“The interest rate is 11 percent with a maturity period of six years,” SHID president director Hariyadi Sukamdani said in a written statement.

SHID recently obtained approval from shareholders to pledge its assets for bank loans. Hariyadi previously said that the company had an offer from Bank Victoria for Rp 200 billion in loans to support SHID’s refinancing strategy and renovation plans.