CPO player PT BW Plantation Tbk (BWPT) has secured a Rp800 billion loan facility from PT Bank Negara Indonesia Tbk (BNI).
Director Pointo Pratento at BW Plantation said the facility will be used by the company to underpin its business expansion such as new planting through subsidiaries and additional area.
"We have entered into loan facility agreement with BNI on February 8," he said on Friday last week in an official statement filed to Indonesia Stock Exchange.
The 8-year facility will charge a 10% interest a year. BW Plantation, that is controlled by Indonesian businessman Budiono Widodo, experienced a 21.4% increase in CPO production volume last year.BW Plantation, led by Tjipto Widodo, son of Budiono Widodo, produced 110,771 tons last year from 91,255 tons a year earlier.
The company, that is run by sons and daughter of Budiono Widodo via PT BW Investindo, PT Wahana Platinum Indonesia, and PT Mitra Energi Global, is currently construction a CPO processing plant in East Kalimantan wth production capacity of 60 tons of fresh fruit bunch (FFB). It will commercially operate the CPO plant in the first quarter of 2012 with 30 tons of FFB capacity in Central Kalimantan. The company requires Rp60 billion investment to construct the processing facility. To build the East Kalimantan processing plant, the company requires Rp120 billion investment from Bank Rakyat Indonesia.
BW Plantation has secured Rp1.3 trillion loan facility from Bank Rakyat Indonesia and Rp230 billion from Bank Negara Indonesia.
Disclosure: No position at the stock mentioned above.
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