MARKET DEVELOPMENT
Plantation Company Eagle High Secures Rp 2.74t Loan From BNI
Plantation Company Eagle High Secures Rp 2.74t Loan From BNI
14/09/2015 (Jakarta Globe) - Plantation company Eagle High Plantations secured Rp 2.74 trillion ($192.3 million) in loans from state lender Bank Negara Indonesia to repay its debts and expand its businesses, Eagle High said in a statement released on Friday.
Eagle High’s corporate secretary Rudy Suhendra said the company signed the loan deal with BNI last Thursday.
”The [loan] facility will be used to repay existing debts to BNI and develop the company's palm plantation business [through subsidiaries],” Rudy said in the statement, adding that the loans mature in 84 to 96 months.
Eagle High’s subsidiaries Bumilanggeng Perdanatrada, Bumihutani Lestari, Adhyaksa Dharmasatya, Satria Manunggal Sejahtera and Prima Cipta Selaras stand to benefit from the loan.
Eagle High has this year set aside Rp 800 billion in capital expenditure to be spent on developing two new palm oil processing companies and 5,000-10,000 hectares of plantation area.
Eagle High is in the process of being acquired by Malaysia’s Felda Global Ventures, the world's third-largest palm plantation operator. Felda plans to secure a 37 percent stake of Eagle High from Indonesia’s Rajawali Group in an $680 million deal.
Eagle High’s corporate secretary Rudy Suhendra said the company signed the loan deal with BNI last Thursday.
”The [loan] facility will be used to repay existing debts to BNI and develop the company's palm plantation business [through subsidiaries],” Rudy said in the statement, adding that the loans mature in 84 to 96 months.
Eagle High’s subsidiaries Bumilanggeng Perdanatrada, Bumihutani Lestari, Adhyaksa Dharmasatya, Satria Manunggal Sejahtera and Prima Cipta Selaras stand to benefit from the loan.
Eagle High has this year set aside Rp 800 billion in capital expenditure to be spent on developing two new palm oil processing companies and 5,000-10,000 hectares of plantation area.
Eagle High is in the process of being acquired by Malaysia’s Felda Global Ventures, the world's third-largest palm plantation operator. Felda plans to secure a 37 percent stake of Eagle High from Indonesia’s Rajawali Group in an $680 million deal.