PT Bakrie Sumatera Plantation Tbk has been finalizing the asset acquisition of Domba Mas (Domas), oleo chemical plant, sold by PT Bank Mandiri Tbk.
The acquisition of Domas was done through the subsidiary firm which is not the guarantor of Bakrie Plantations bonds.
Bank Mandiri sold Domba Mas assets, two hotel in Kuningan compound, Jakarta and Hotel Tiara in Medan and oleo chemical plant.
However, Bakrie Plantations acquired Domas Agro Prima with three business units majoring in oleo chemical, namely PT Sawit Mas Agro Perkasa, PT Domas Agro Inti Perkasa, and PT Domas Sawitinti Perdana. The acquisition is only done for business unit related with oleo chemical.
Domas and Procter & Gamble in 2005 signed a purchase contract for alcohol fat acid worth more than US$1 billion for 10 years. The contract covers more than 200,000 tons of oleo chemical per year consisting of 160,000 tons alcohol fat acid per year.
Bakrie Plantations has prepared at least US$200 million funds for its expansion to West Africa which will be covered by internal and external cash among the other things from the International Financial Cooperation (IFC).
Expansion to Africa will be commenced in 2010 particularly to increase CPO production which is estimated to provide contribution by 2012. Bakrie Plantations through its subsidiary firm, BSP Finance B.V., plans to issue additional bonds worth US$25 million to cover the expansion.
Bakrie Plantations has prepared at least US$200 million funds for its expansion to West Africa which will be covered by internal and external cash among the other things from the International Financial Cooperation (IFC).
Expansion to Africa will be commenced in 2010 particularly to increase CPO production which is estimated to provide contribution by 2012. Bakrie Plantations through its subsidiary firm, BSP Finance B.V., plans to issue additional bonds worth US$25 million to cover the expansion.
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