Cahaya Kalbar to acquire PT Mintawi for Rp 62b<\/p>\n
JAKARTA (JP): Publicly listed cocoa and edible oil producer PT
\nCahaya Kalbar will take over PT Mintawi, another edible oil
\nproducer, as part of its expansion program.<\/p>\n
Corporate secretary Robertus Sampara Lie said here Saturday
\nthat funds of around Rp 62 billion (US$25.83 million) would be
\nneeded for the takeover of PT Mintawi, which produces illipe oil,
\ncooking oils, palm kernel oil and coconut oil.<\/p>\n
He said 95 percent of the funding would be financed by bank
\nloans and the remainder from the company's equity. \"We are still
\nprocessing the loan syndication,\" he said, adding that the names
\nof the banks will be announced later.<\/p>\n
\"Shareholders are expected to approve the acquisition during
\ntheir annual meeting on June 20,\" he said.<\/p>\n
In 1996, PT Mintawi produced 2,975 tons of illipe oil worth Rp
\n18.645 billion, 6,750 tons of cooking oil worth Rp 8.78 billion,
\n2,400 tons of palm kernel oil worth Rp 4.03 billion, 2,250 tons
\nof sterine worth Rp 2.12 billion, 960 tons of palm kernel sterine
\nworth Rp 855 million and 600 tons of coconut oil worth Rp 855
\nmillion.<\/p>\n
\"The acquisition is expected to boost the production and
\nperformance of Cahaya Kalbar,\" Robertus said.<\/p>\n
Marketing<\/p>\n
He said PT Mintawi marketed 10 percent of its products to PT
\nCahaya Kalbar, with the remaining 90 percent sold overseas.<\/p>\n
\"Business cooperation has long been established between the
\ntwo companies,\" he said.<\/p>\n
He said PT Cahaya Kalbar, which posted net sales of Rp 100.11
\nbillion in 1996, recorded a net profit of Rp 17.27 billion last
\nyear.<\/p>\n
The acquisition was expected to increase the firm's net sales
\nto Rp 157 billion in 1997 and Rp 221 billion in 1998, he said.<\/p>\n
\"Net profit is projected to surge to Rp 28 billion in 1997 and
\nRp 42 billion in 1998,\" he said.<\/p>\n
He said the firm's unaudited net sales in the first quarter of
\nthis year totaled Rp 32 billion, with net profit reaching Rp 6
\nbillion.<\/p>\n
\"With such first quarter results, Cahaya Kalbar is confident
\nof achieving its growth targets in 1997,\" he said.<\/p>\n
The firm also plans to set up a speciality fat plant at the
\nJababeka industrial estate in Bekasi, West Java with a total
\ninvestment of Rp 60 billion.<\/p>\n
The plant would cover an area of around 1.2 hectares, with
\nconstruction expected to start in August this year and be
\ncompleted by 1998. Total production capacity is projected at
\naround 22,000 tons of specialty fats per annum.<\/p>\n
\"The new plant is expected to contribute to the firm's
\nearnings beginning in 1999,\" he said. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cahaya-kalbar-to-acquire-pt-mintawi-for-rp-62b-1447893297",
"image": ""
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"sponsor_url": "https:\/\/okusiassociates.com"
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