Jun 29, 2010

Charoen's Agrico buys corn mill

Subsidiary of PT Charoen Pokphand Tbk (CPIN), PT Agrico International, plans to buy corn mill facilities worth Rp10.08 billion from PT Bisi International Tbk (BISI).
Besides the facilities, Agrico aims to acquire 17,122 meter square of land. In a public announcement today, the facilities include land worth Rp2.05 billion, building of Rp1.90 billion, and additional facilities of Rp1.13 billion, machineries and equipments worth Rp4.92 billion.
Corn mill facilities are located at Sidorejo village, Pare, Kediri, East Java. Agrico has entered into sale and purchase agreement with Bisi on June 25 2010. Charoen controls 99.90% stakes in Agrico International. The announcement reveals Agrico requires corn mill facilities in a bid to underpin business growth which is close to center of corn fiels and corn trading. In return, the company hopes to obtain corn at competitive price.
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