Jul 18, 2010

Bakrie completes Domba Mas buyout

Palm oil plantation producer PT Bakrie Sumatera Plantations Tbk (UNSP) has entered into sale and purchase agreement on acquisition of six companies controlled by Domba Mas Group on July 16 2010.
Following the acquisition agreement, Bakrie Plantations has also signed acquisition agreements of three plantation companies PT Citalaras Cipta Indonesia, PT Julang Oca Permana, and PT Monrad Intan Barakat.
"We are committed to close these acquisitions," said Bakrie Plantations' Corporate Secretary Fitri Barnas said end of last week.
Bakrie Plantations intends to acquire Domba Mas Group via subsidiaries such as PT Nibung Arthamulia, which makes a 100% buyout of PT Domas Agrointi Prima.
Domas Agrointi controls 99% shares in PT Sawitmas Agro Perkasa, 100% stakes in PT Sarana Industama Perkasa, 100% stakes in PT Flora Sawita Chemindo, and PT Domas Agrointi Perkasa, and PT Domas Sawitinti Perdana.
After completing the acquisition, Bakrie Plantations will revive oleo chemical plants di North Sumatra which enables to produce 50,000 tons fatty acid annually. Bakrie Plantations will use the proceed from rights issue of Rp4.9 trillion to underpin the acquisitions.

Disclosure: No position at the stock mentioned above.

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