Oct 24, 2010

UNSP finally completes Domba Mas deal

After prolonged delay, CPO producer PT Bakrie Sumatera Plantations Tbk (UNSP) and one of Indonesia's largest lender PT Bank Mandiri Tbk (BMRI) today enter into settlement agreement on US$180 million debt take over of Domba Mas Group. 
In an official press statement, Thomas Arifin, Bank Mandiri's Director of Treasury, Financial Institutions, and Special Asset Management, said Bakrie Plantations takes over Domba Mas debt with settlement commitment of 18 months until 7 years, charging commercial interest rates.  
Since 2005, Domba Mas has entered into debtors' list of Bank Mandiri with total debt of US$320 million. The remaining debt is now around US$180 million after Domba Mas paid the installments.
Bakrie Plantation President Director said the settlement is in line with commitment mentioned on the rights issue prospectus. 

Disclosure: No position at the stock mentioned above.

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