Asia Food buys 3 RI firms

Asia Food buys 3 RI firms

SINGAPORE (Dow Jones): Singapore-based Asia Food & Properties Ltd said in a statement on Monday that it had acquired three Indonesian-listed companies through its Indonesian units.

The three companies are: PT Rawa Bangunnyaman and PT Sungai Siak; both oil palm plantation companies, and PT Pratama Ronaperintis; an investment holding company. Singapore Asia Food did not provide purchase prices.

In another statement released Monday, Singapore Asia Food & Properties said its Indonesian unit, PT Karawang Tatabina Industrial Estate, is to take a loan of US$13.5 million from Japan's Itochu Corp.

The Indonesian-listed unit, engaged in industrial estate development, will use the loan to refinance its US$13.5 million loan with another financial institution that expired on March 31 this year.

Of the US$13.5 million loan, 50 percent will be paid on March 31, 2000, and the remaining 50 percent on March 31, 2001, the company said.