Bank Mega Syariah Leads Major Syndication for Borneo Bay Mall Project

Strategic Financing for Infrastructure Development

Bank Mega Syariah has successfully arranged a Rp 870 billion syndicated financing facility for PT Pandega Citra Niaga, the developer behind the Borneo Bay Mall project in East Kalimantan ¹

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Source 2

https://finance.detik.com/moneter/d-8276005/bank-mega-syariah-guyur-pembiayaan-sindikasi-rp-870-m-proyek-di-kaltim

. The financing arrangement was done in collaboration with Bank Mega and PT Bank Negara Indonesia (Persero) Tbk (BNI), demonstrating strong banking sector collaboration.

Project Significance and Economic Impact

The financing will be used primarily for asset refinancing and project development, with the aim of supporting the continued growth of the Borneo Bay Mall project. As Guritno, Corporate & Business Banking Division Head at Bank Mega Syariah, noted, "Through this syndicated financing, Bank Mega Syariah is committed to supporting productive projects that generate sustainable economic impact" ²

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Innovative Financing Structure

The syndicated financing facility was arranged using a Wa'd/Line Facility scheme, with a derivative contract based on Musyarakah Mutanaqisah (MMQ) principles that comply with Islamic banking regulations ²

. This financing structure demonstrates the banks' ability to support large-scale projects while adhering to syariah principles.

Market Implications

The successful arrangement of this significant financing deal highlights the continued confidence in East Kalimantan's property market, particularly in mixed-use developments like Borneo Bay Mall that integrate residential, office, commercial, and entertainment spaces. As Guritno observed, "Economic centers like Borneo Bay Mall still have good prospects" ²

, indicating positive outlook for the region's economic development.