PT Bank Rakyat Indonesia Tbk plans to lend IDR1.07 trillion to state plantation company PT Perkebunan Nusantara II to help it revitalize its operations in North Sumatra.
PTPN II is a state plantation firm that produces sugar, palm oil, rubber and tobacco. The plantations company plans to use IDR165 billion for working capital loans and the rest would go toward investment loans.
The company would use the loan to revitalize its sugar and palm oil operations in North Sumatra. The investment loans will be used to replant our 6,000 hectares of palm oil plantations in North Sumatra. PTPN II forecast its profits to reach IDR20 billion last year, up 66 percent from IDR12 billion in 2009.
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