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Thursday, June 24, 2010

Eterindo bolsters palm oil business

Thursday, 24/06/2010 00:00 WIB
Eterindo bolsters palm oil business
Irvin Avriano A.
Bisnis Indonesia

JAKARTA: Producer of biodiesel PT Eterindo Wahanatama Tbk increased its possession in two subsidiary firms as preparation for seeking IDR824 billin loans to develop the upstream business lines.

President director of Eterindo Immanuel Sutarto said the company spent IDR68.5 billion to increase possession portion at PT Maiska Bhumi Semesta and PT Malindo Per-sa-da Khatulistiwa up to 99.99 percent as from 43.31 percent and 43.06 percent.

"Our investment value by end of 2008 in both companies stood at IDR47 billion. With the soaring possession, the total of our investment value stood at IDR116 billion," he said after GMS of Eterindo in Jakarta yesterday.

Immanuel uses fund for growing the possession of Maiska Bu-mi and Malindo Persada which was taken from the divestment of minor shres of Eterindo in PT Petromidada and PT Eternal Buana Chemical In-dustries in 2008 worth totally IDR676 billion.

In addition to boost up the upstream business line, he said the additional ownership at Maiska Bumi and Malindo Persada is also meant to prepare additional funds and new investments which will be materialized next year.

The new investment here will be sought through rights issue, bond issuance, or bank loan. The required amount is IDR824 billion which will fully allocated for funding the palm oil plantation development.

Immanuel said the totally required funds for palm oil development is about IDR1.5 trillion. As from the needs, some IDR676 billion has been gained from the sales of PT Petromidada and PT Eternal Buana Chemical In-dustries.

"We will seek the gap of investment fund here through fund collection options such as rights issue so that our target of productive plantation by 2014 is attainable," he said.

He said the company targets the plantation could produce 130,000-160,000 tons of CPO by 2014. Some of the CPO will be for internal consumption and the rest for sales.

Based on the corporate biodiesel factory capacity in Gresik, East Java, managed by the subsidiary firm PT Anugerahinti Gemanusa, the portion of CPO for self consumption is about 70,000 tons.

In yesterday GMS, the company got shareholders approval for not sharing any dividend from the DIR10.41 billion net profits last year. The profit will be allocated as the additional capital work.

The GMS also agreed the resignation of directors boards filled by Yudianto Kosman and Very Yonnevil. Both will be substituted by Prasanta K. Choudhury and F.X. Widie Kastyanto.

In the market, Eterindo plans to boost up palm oil business is handled positively form the soaring sotck price of ETWA by 2.38 percent into DIR215. The market capitalization stood at IDR208.15 billion. (Bisnis/iaa)

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