Bakrie Sumatra Plantation to acquire PT Multi Jaya
Bakrie Sumatra Plantation to acquire PT Multi Jaya
JAKARTA (JP): Bakrie Sumatra Plantation, a publicly listed
company, has signed a memorandum of understanding with the West
Kalimantan administration and Bank Pembangunan Indonesia to
acquire a palm oil plantation firm, PT Multi Jaya Perkasa.
"We will take over the plantation which has been neglected by
its owner," Bakrie Sumatra Plantation's business development
director, M. Idris Pabottingi, told reporters after an annual
meeting of the company's shareholders yesterday.
Multi Jaya, which controls 11,000 hectares of a palm oil
plantation in the West Kalimantan regency of Sanggau, has
financial problems with Bank Pembangunan Indonesia.
Pabottingi declined to give any details about the financial
injection provided by Bakrie Sumatra Plantation for the
plantation.
He also said that Bakrie Sumatra Plantation, an affiliate of
the Bakrie Group, has diversified its plantations from rubber to
cocoa and palm oil.
"We can not rely on one commodity only," Bakrie Sumatra
Plantation's president, A. Hanif Bakri, commented.
He acknowledged that the palm oil price is currently much
better than rubber and cocoa. "But we do not abstain from the
rubber business," he said.
Besides managing its own plantation, Bakrie Sumatra Plantation
also provides technical assistance to some 200,000 hectares of
rubber plantations on China's Hainan island.
At yesterday's meeting Bakrie Sumatra Plantation reported a 67
percent increase in its net profit to Rp 24.2 billion (US$ 10.8
million) in 1994 over the previous year and a plan to pay out
dividends of Rp 350 for each share.
Bakrie Sumatra Plantation was founded in 1911 under the name
of NV Hollandsch Amerikaanse Plantage Maatschappij, with its
operation in tobacco plantations.
Bakrie Sumatra Plantation is now 52.5 percent owned by Bakrie
& Brothers, 9.1 percent by Daya Sarana Pratama, seven percent by
Bimantara Citra, 1.4 percent by Soedjai Kartasasmita, 10.8
percent by Bank Bumi Daya, 6.2 percent by Danareksa and 13
percent by the investing public. (kod)