Sunday, July 02, 2006

Stock News: United fiber system secured 15 mln usd loan!

United Fiber System Ltd said it has secured a short-term loan facility of 15 mln usd for the operations of PT Kiani Kertas, an Indonesian pulp mill that the company is acquiring. It said the loan, obtained from French bank Natexis Banques Populaires, Hong Kong branch, will be used "to get the mill into full operational readiness" and as general working capital. "The financing will enable us to ramp up the pulp mill's operation right after the acquisition is completed," United Fiber chairman Sven Edstrom said. "The facility shows we are that close to completing the acquisition," he added.

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