Martina Berto to pay Rp 54 billion debt today

JAKARTA. PT Martina Berto Tbk says it will pay its Rp 54 billion (US$5.8 million) debt to PT Bank CIMB Niaga Tbk on Monday.

Martina Berto president director Bryan Tilaar said that to pay the debt, the company would take 20 percent of funds obtained from its recent initial public offering (IPO).

He said the plan to make the payment had been mentioned in the IPO prospectus. To increase its production capacity and market share, the company plans to build a factory on a 6-hectare plot of land in Cikarang, Bekasi, in the second half of 2011.

Martina Berto has allocated Rp 130 billion for the factory, the construction of which is expected to be completed next year.

Two weeks ago, Martina Berto opened Martha Tilaar Shop (MTS) in Bali. The Rp 700 million outlet is aimed at expanding the brand’s international market, Bryan said. (The Jakarta Post)