May 20, 2011

Damiano injects US$11 mio to Asia Fiber

PT Asia Pacific Fiber Tbk (APF) pocketed US$11 million additional capital expenditure from Damiano Investments B.V to support the Indonesia’s biggest polyester producer expansion.
APF’s President Director V. Ravi Shankar stated the extra capital is part of it plan to increase capital expenditure this year amounted to US$ 20 million. The previously known PT Polysindo Eka Perkasa Tbk plans to enlarge its capex to US$50 million for the next 3 years.
“The additional capital expenditure will be used to replace older machines to produce high value products. As for this year, we will increase polymer production to 350,000 tons per year from 306,927 tons,” as quoted by Bisnis Indonesia daily.

Disclosure: No position at the stock mentioned above.  

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