Plantation company PT Bakrie Sumatera Plantations is leading a consortium of local and foreign companies to buy unlisted plantation company PT Domba Agro Mas from the Domba Mas group, an executive with Bakrie Sumatera told reporters Tuesday.
"The value of the stake purchase is worth $500 million, which is also equal to Domba Agro Mas' total debt," said Abdul Rahman, an asset management director at Bakrie Sumatera Plantations.
Rahman said that by assuming and repaying Domba Agro Mas' debt, the Bakrie Sumatera consortium will own all of the company.
Domba Agro Mas owes $200 million to PT Bank Mandiri, and has $300 million of debt with Deutsche Bank, Credit Suisse and other third parties.
"We expect to complete the stake purchase by the end of this year," Rahman said.
Bakrie Sumatera is 13.63% owned by diversified holding company PT Bakrie & Brothers, which is controlled by conglomerate Bakrie Group.
(Source: http://irco.biz)
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