Apr 26, 2011

Astra Agro bags US$27.33 million

Palm oil producer PT Astra Agro Lestari Tbk (AALI) has obtained a cash payment of US$16 million and bonds certificate of US$11.33 million or US$27.33 million in total from the shares sale of its subsidiary PT Surya Panen Subur.   
The shares sale was agreed on 27 October 2010 after considering that the total planted area did not meet the  economic scale to be managed by the company’s group of business. Surya Panen’s initial investment to acquire the plantation was Rp161 billion, afterward Surya Panen invested additional net investment in total of Rp242,49 billion for its development. 
Astra Agro received bonds certificate from issued by PT Agro Maju Raya. The bonds take into effect on 27 October 2010 and will be matured on the 10th anniversary or on 27 October 2020. The bonds are bearing interest at fixed rate of 3.24% per annum and shall be paid on each anniversary of the Bond. 
The principal amount of the bonds shall be  repaid under installment basis on every interest payment date.
Previously, in June 2010, Astra Agro sold some of its dormant subsidiaries to a third party, considering the area could not be obtained. Total disposal value was Rp61 million and the net asset value was Rp3,76 billion.
Adaro Energy's subsidiaryIn relation to the settlement agreement of overlapping plantation area of certain subsidiaries in 2008, an acceleration of all assets handed-over had been done in December 2010 to PT Alam Tri Abadi, subsidiary of PT Adaro Energy Tbk, which initially should be handed-over in 2012. 
Relating to the acceleration of this hand-over, the subsidiaries received an additional compensation amounting to Rp64.50 billion.

Disclosure: No position at the stock mentioned above.

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