Gozco Allocates Rp800 Billion for Acquisition

Resources

Wednesday, 08 December 2010 09:33

Theindonesiatoday.com - Palm oil producer PT Gozco Plantations (GZCO) Tbk said it prepares Rp800 billion fund for financing the acquisition of CPO plantations in Kalimantan (West and Central) and South Sumatera, Investor Daily reported this morning.

Kreisna D Gozali, GZCO's director for business and commercial, said of total fund, Rp500 billion will be funded by PT Bank Mandiri Tbk (BMRI) while the rest Rp300 billion comes from the company's internal cash.

He said the company will acquire minimum 10,000 hectars of each plantation area and prefer to acquire both planted and green CPO fields. "Now we are conducting due diligence," Kreisna said, adding the acquisition will be finalized within next 6 months.

Currently, GZCO owns 120,000 hectars of land banks, with the planted area totaling around 30,000 hectars.

Kreisna said the company will build CPO mill and port in 2011 which will cost Rp135 billion, of which CPO mill accounts for Rp115 billion. He said the company will allocate Rp260 billion for capital expenditures (capex) next year.

GZCO posted net profit of Rp100 billion in the first nine months of 2010, fell 21.3% from the same period last year on higher financial charges. It reported sales revenue of Rp291.37 billion in Jan-Sep 2010, slipped 4.6% from the corresponding period in 2009.

Kreisna said the company expects to booked net profit of Rp150-160 billion this year and targets net profit of Rp200 billion for 2011. (hans@theindonesiatoday.com)

» Inner Mongolia Coal Output Soars 26.6%

Theindonesiatoday.com - Coal output in Inner Mongolia, China's largest coal producing region, increased 26.6% to 908 million tons in January-November 2011, Xinhua reported.

Latest News

» Inner Mongolia Coal Output Soars 26.6%

» CPO Contracts Down, Plantation Stocks Drop

» Alfamart to Open 900 Convenience Stores This Year

» Robust Focuses Drilling in Most Significant Hole of Batu Mas

» IDX Gain Narrows, Profit Taking Hits

» Thailand Leads Russel Asia Pacific Index

» Govt Raises $2.5 Billion from Dollar Bond Issuance

» Datang Power Posts 14% Electricity Sales Growth

» Legislator Demands Kutai Coal Companies to Build New Bridge

» Telkom to Pay Dividend Rp7.12 Trillion

» Cardig Aero Sets IPO Price at Rp400

» Malaysian and US Franchises to Invest in Indonesia

» GTSO Raises Expectations for Indonesia Gold Prospects

» Suharso Monoarfa Resigns from Cabinet

» Southern Arc Intersects Bonanza Gold Grades in West Lombok

Latest News

Most Read

Most Read

Industries

Politics

Law

People