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Sorini Agro signs shareholders loan worth $100m

PT Sorini Agro Asia Corporindo Tbk (IDX: SOBI) has signed loan facility from its main shareholder PT Cargill Foods Indonesia worth $100 million to fund its production capacity expansion. The company is currently developing a new plant in CIkande, Serang, Banten province in the western tip of Java Island with capacity of 100,600 tons per annum. Cargill Foods Indonesia holds 97.99 percent of shares in Sorini Agro, while the public owns 2.01 percent. The shareholder’s loan is considered a material transaction as the value of the loan is more than 50 percent of the company’s total equity. Cargill Food Indonesia is part of Cargill Incorporate of US. In 2010, Cargill acquired 85.01 percent of Sorini Agro shares for Rp2.72 trillion or around $300 million from AKR Corporindo. The company later raised its stakes to 97.99 percent. Sorini Agro established in 1968 with a focus on agro industry, including operating plantations, producing bioethanol, well as derivative products. Among products produced by the company are Sorbitol, Starch and various Starch Sweetener.


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Source: The Insiderstories
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