Eagle raise ownership in Eatertainment

PT Eagle Capital raised its stake in PT Eatertainment Internasional Tbk to 15.63 percent in a June 15 transaction. Eagle Capital owned 14 percent of the Indonesian restaurant operator at the end of May.

Rajawali Group which is controlled by businessman Peter Sondakh changed the management of PT Eatertainment International Tbk, and placed the Managing Director of Agriculture of PT Rajawali Corpora Nicolas Bernadus Tirtadinata as the president director.
The change done in the annual general meeting of shareholders (AGMS) in Jakarta last week endorsed the rumor that Rajawali plans to change the business line of Eatertainment to palm oil plantation sector.

The GMS of Eatertainment yesterday also agreed the debt swap worth US$2 million of Credit Suisse to individual shareholder, Indrajaty Hadi Wardojo.

Rajawali acquisition of 70.85 percent sharses of Eatertaintment through two affiliate companies, Green Palm Resources and Mutiara Timur Pratama worth IDR12.74 billion.

Rajawali Plantation previously stated the allotment of US$70 million is for palm oil business expansion by areas expansion. The company also acquired 70,000 hectare plots of land in Merauke, Papua, for sugarcane plantation with carry over investment worth US$400 million.