Aug 22, 2010

Gozco to buy Benua Indah Group assets

Palm oil player PT Gozco Plantations Tbk (GZCO) intends to acquire assets of PT Benua Indah Group, one of debtors of PT Bank Mandiri Tbk (BMRI). The bank will put the asset for sale as a result of debt default.
"We are interested to buy their assets for business expansion," said Gozco President Director Tjandra M. Gozali, as reported by Kontan daily yesterday.
Gozco aims to acquire 13,000 hectares of land and two palm oil mills located in West Kalimantan with production capacity of 45 tons FFB per hour respectively.
According to Tjandra, Gozco will use internally generated cash to acquire the assets. "We are seeking another financing source to revitalize Benua Indah lands. Gozco manages 125,000 hectares of land and 30,000 hectares planted area.   
Disclosure: No position at the stock mentioned above.

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