PT Bakrie Sumatra Plantations said Wednesday (2/1/08) it has raised its stake in Agri Resources BV to 25% after acquiring an additional 5% stake for $8.24 million, Thomson Financial reported.
Agri Resources BV, which is incorporated in the Netherlands, is a joint venture between Bakrie and Singapore's Agri International Resources Pte Ltd, which is owned by equity investors.
Agri Resources BV was created as a vehicle to acquire palm oil plantations in Indonesia. The acquired estates will then be managed by Bakrie Sumatra.
Bakrie Sumatra also has an option to raise its stake to 51% in Agri Resources BV this year.
Meanwhile, Antara reported that for 2008 the company has allocated funds amounting to $20 million for capital expenditure and is planning to plant oil palm trees on a total of 5,000 hectares of land in several areas.