JAKARTA: Palm oil producer PT Bakrie Sumatera Plantations rose 1.23% or IDR5 to IDR410 as of 10.31 a.m. local time at the Jakarta Stock Exchange following an agreement to restructure US$210 million of debt.PT Domas Agrointi Prima, a subsidiary of Bakrie Sumatera, signed an agreement with the Singapore branch of Credit Suisse AG and Credit Suisse International to serve as a hedging bank on June 21.According to Bakrie Plantations' Corporate Secretary Fitri Barnas, in a disclosure statement to Indonesia Stock Exchange yesterday, the restructuring will be effective after any conditions of such agreement are fulfilled. Credit Suisse is the arranger, security agent, and facility agent for the debt restructuring.Bakrie Sumatera acquired Domas Agrointi from the Domba Mas group in December last year through PT Nibung Arthamulia. Such transaction was a part of rights issue process which received an approval from shareholders meeting on February 2, 2010.Bakrie Sumatera posted a 256.49% jump in net profit in the first quarter of this year on the back of soaring net sales. The company booked Rp229.62 billion net profit or Rp22.59 a share in 1Q 2011 from Rp64.41 billion or Rp6.39 a share in 1Q 2010.Operating profit surged 126.61% to Rp423.41 billion from Rp190.82 billion. Net sales soared 106.51% to Rp1.14 trillion from Rp552.87 billion. (msw)

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