TPS Food raises Rp521b from Golden Plantation shares sale

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Photo by TPS Food

JAKARTA (TheInsiderStories) – Indonesia food, rice processing and palm oil producer PT Tiga Pilar Sejahtera Food Tbk (IDX: AISA) has sold 2.86 billion shares or equivalent to 78.17 percent of PT Golden Plantation Tbk (IDX: GOLL) enlarged capital to PT JOM Prawarsa Indonesia (JPI) for Rp521 billion (US$39.17 million), the company said.

The deal is expected to be finalized on Sept. 30 of 2016.

Last year, TPS Food Finance Director Sjambiri Lioe admitted that the company has Rp 3.2 trillion [$233.66 million] in outstanding debt and Rp1 trillion of which is related to the plantation business.



In October 2015, AISA through its subsidiary, PT Poly Meditra Indonesia has signed Exclusive Appointment agreement with Capri Sun A.G which will be followed by the establishment of the plant before it can operate commercially that expected to be operated in 2017.

Tiga Pilar sold 21.8 percent of Golden Plantation to the public at the end of 2014. Golden Plantation owns seven palm oil plantations with a total area of 49,000 hectares. In 2015, the palm oil producer had a processing capacity of 30 tons of fresh fruit bunches (FFB) per hour. It aims to increase the output to 45 tons of FFB per hour by 2017. (*)

The post TPS Food raises Rp521b from Golden Plantation shares sale appeared first on The Insider Stories.

Source: The Insiderstories
TPS Food raises Rp521b from Golden Plantation shares sale

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