Apac to set up cotton plantation in Australia<\/p>\n
JAKARTA (JP): Publicly listed textile producer PT Apac
\nCentertext Corporation plans to open a cotton plantation in
\nQueensland, Australia, to support its garment production.<\/p>\n
Apac president Benny Soetrisno said his company would team up
\nwith Australian firms.<\/p>\n
\"Mr Kotjo (vice chief commissioner Johannes Kotjo) is still
\nnegotiating the plan with an Australian partner,\" he said after
\nthe company's shareholder meeting Thursday.<\/p>\n
He said he hoped an agreement could be reached by the end of
\nthe year.<\/p>\n
He refused to explain how much the project would cost but said
\nApac would be the majority shareholder in the joint venture which
\nwould manage and operate the plantation.<\/p>\n
The shareholders meeting approved the expansion program for
\nthe production of yarn, greige fabric and denim finished fabric.<\/p>\n
PT Apac, formerly PT Mayatexdian Industry, operates six
\ngarment companies in Jakarta and Semarang.<\/p>\n
He said yarn production would increase to 687,000 a year from
\n412,000 now, greige fabric to 124 million meters a year from 87
\nmillion meters and denim finished fabric to 60 million yards a
\nyear from 20 millions.<\/p>\n
\"We plan to be among the 10 biggest denim producers in the
\nworld,\" he said.<\/p>\n
To support the company's factory in Bawean, Semarang, it has
\nsigned a memorandum of understanding to set up a 100 MW steam
\npower plant worth US$50 million.<\/p>\n
He said the power plant is owned by Apac (30 percent), Vander
\nHorst (40 percent) and East Philippine Power Plant (30 percent).<\/p>\n
He said the power plant would be built in two stages. Stage
\none with a capacity of 50 MW and another 50 MW in the second
\nstage.<\/p>\n
The company bought a 94.12 stake in PT Apac Inti Corpora (AIC)
\nfor Rp 408 billion last year and 40 percent of PT Pura golden
\nLion.<\/p>\n
Benny said the acquisition of AIC would contribute 90 percent
\nof its 1996 sales.<\/p>\n
The company's Rp 491 million net profit in 1995 is expected to
\nincrease 50 percent in 1996 to about Rp 735 billion. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/apac-to-set-up-cotton-plantation-in-australia-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}