Nov 22, 2010

Gozco unit seals Rp375 billion loan

PT Bank Mandiri Tbk disbursed an investment loan facility of Rp375 billion to PT Golden Blossom Sumatra (GBS), Gozco Plantations Group‘s subsidiary.
The loan agreement was signed oday at Plaza Mandiri, today Executive Vice President Agro Based Bank Mandiri Rafjon Yahya, PT GBS President Rudyansyah and PT GBS Director Jamal Rosyidin Hakki and witnessed by Tjandra Mindharta Gozali as owner of Gozco Plantations Group.
GBS will utilize the facility to fund the development of palm oil plantation and the establishment of other supporting facilities on 7,446-hectare land area in Muara Enim District, South Sumatra
In addition to the development of the core farm, Bank Mandiri also distributes financing to develop plasma plantation for GBS partner cooperatives on 5,230-hectare land area with of Rp219.34 billion.
“Plantation sector, particularly palm oil, has plenty rooms for development. Bank Mandiri sees the opportunity and decides to establish strategic partnership with major players in the field, including Gozco Plantations,” said Rafjon Yahya in a written statement this afternoon.
Until September 2010, Bank Mandiri has extended financing to palm oil plantations and its derivative industry and palm oil product marketing up to Rp29.99 trillion. Of which, Rp22.88 trillion went to on-farm sector (palm oil plantations and processing factories).

Disclosure: No position at the stock mentioned above.

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