Apr 21, 2011

Unifiber unit urged to pay Rp5.49 bio fee

PT Hutan Rindang Banua, a wholly owned subsidiary of Singapore-listed United Fiber System Limited (Unifiber), is urged by PT Bara Eberni Indonesia to pay jetty rental fee of Rp5.49 billion. Hutan Rindang has received a letter regarding to the payment demand from Bara Eberni on April 12. 
Hutang Rindang and Bara Eberni entered into a jetty rental agreement on August 1 2008. Hutan Rindang is a manufactuter of pulp mill, sawn timber, acacia woodchip, and acacia log, located in Central Kalimantan.
With a total sales volume of US$1 million-US$2.5 million, Hutang Rindang exports 61%-70% of its products. The company has 101-500 employees.
Unifiber was incorporated in Singapore in 1995 as Poh Lian Holdings Pte Ltd, a private limited investment holding company working in the construction industry. 
In conjunction with the initial public offerings, the companysubsequently converted into a public limited company in May 1997 and changed our name to Poh Lian Holdings Limited.
In April 2002, the company's shareholders approved the plan to venture into the forestry and pulp business and changed name to Unifiber.
Besides holding 100% stake in Hutan Rindang, Unifiber also controls 100% shareholding in PT Marga Buana Bumi Mulia and 99% stake in PT Mangium Anugerah Lestari via Shining Spring Resources Ltd, a 100% owned by Unifiber.

Disclosure: No position at the stock mentioned above.

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