PT BW Plantation Tbk through PT Sawit Sukses Sejahtera obtained credit facility from PT Bank Rakyat Indonesia Tbk (BRI), with a total value amounting to IDR1.34 trillion.
Sawit Sukses is a subsidiary of BW Plantation, which was founded in 1995. BW Plantation ownership in this company is 99.99%.
BW Plantation Director Pointo Pratento said the loans are not only for investment credits worth IDR1.25 trillion at maximum, but also working capital loan up to IDR46.5 billion to develop its subsidiaries’ business.
"We hereby inform that on September, our subsidiaries, Sawit Sukses Sejahtera has signed a credit agreement with Bank Rakyat Indonesia, consisting of investment credit, working capital and this transaction," he said in a disclosure submitted to Indonesia Stock Exchange (IDX) yesterday.
The investment credit consists of plantation investment worth IDR1.03 trillion with 8 year-tenor and the palm oil mill (PKS) construction investment amounting to IDR221.50 billion with 11 year-tenor and interest expense of 10% per year.
The amount of IDR1.03 trillion is included with the interest during construction on the accrued expense payable by IDR179, 90 billion, while the amount of IDC for PKS development credit is IDR18.5 billion.
On the other hand, the working capital loan worth IDR46.50 billion has similar interest rate, but it only has 48 months or 4 years of tenor. The proceeds will be used for Sawit Sukses’ productive plants maintenance.
"This temporary loan transaction is excluded from those classified as material transactions referring to Capital Market and Financial Institution Supervisory Agency's [Bapepam-LK] Regulation IX.E.2 concerning Material Transaction and Change of Main Business Activities," said Pointo.
On the investment credit, he explained the fund could be withdrawn gradually since 2011 until maximum period of 5 years after the facility was signed, while working capital loan can be withdrawn gradually from next year until 2013.
The loan is secured with the right to cultivate for an area of 20,220 hectares in Senyiur Village, East Kutai District of East Kalimantan. The plants, properties and equipments and the mill building to be constructed are still owned by Sawit Sukses.
BW Plantation management once set a target of adding 10,000 hectares of land each year to expand its land bank within 2011-2014.
Beside Sawit Sukses Sejahtera, the company has six other subsidiaries. They are PT Wanacatur Jaya Utama, PT Adhyaksa Dharmasatya, PT Satria Manunggal Sejahtera, PT Agrolestari Kencana Makmur, and PT Bumilanggeng Perdanatrada.
Bumilanggeng also has a subsidiary named PT Bumihutani Lestari. All of the subsidiaries and sub-subsidiaries are focus in palm oil plantation.
The amount of IDR1.03 trillion is included with the interest during construction on the accrued expense payable by IDR179, 90 billion, while the amount of IDC for PKS development credit is IDR18.5 billion.
On the other hand, the working capital loan worth IDR46.50 billion has similar interest rate, but it only has 48 months or 4 years of tenor. The proceeds will be used for Sawit Sukses’ productive plants maintenance.
"This temporary loan transaction is excluded from those classified as material transactions referring to Capital Market and Financial Institution Supervisory Agency's [Bapepam-LK] Regulation IX.E.2 concerning Material Transaction and Change of Main Business Activities," said Pointo.
On the investment credit, he explained the fund could be withdrawn gradually since 2011 until maximum period of 5 years after the facility was signed, while working capital loan can be withdrawn gradually from next year until 2013.
The loan is secured with the right to cultivate for an area of 20,220 hectares in Senyiur Village, East Kutai District of East Kalimantan. The plants, properties and equipments and the mill building to be constructed are still owned by Sawit Sukses.
BW Plantation management once set a target of adding 10,000 hectares of land each year to expand its land bank within 2011-2014.
Beside Sawit Sukses Sejahtera, the company has six other subsidiaries. They are PT Wanacatur Jaya Utama, PT Adhyaksa Dharmasatya, PT Satria Manunggal Sejahtera, PT Agrolestari Kencana Makmur, and PT Bumilanggeng Perdanatrada.
Bumilanggeng also has a subsidiary named PT Bumihutani Lestari. All of the subsidiaries and sub-subsidiaries are focus in palm oil plantation.
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