JAKARTA: PT Bumilanggeng Perdanatrada, the subsidiary of PT BW Plantation Tbk, has sealed IDR40 billion loan facility from Export Import Financing Agency.Bumilanggeng Perdanatrada (BLP) will use the 12-tenors loan with the estimated yield of 10% as working capital. BPL has a plantation area in Bedaun village, Central Borneo.BW Plantation, the palm oil plantation company controlled by Tjipto Widodo, the fourth son of Budiono Widodo manages seven palm oil plantations in Borneo through its seven subsidiaries.Those seven subsidiaries are BLP, PT Adhyaksa Dharmasatya, PT Wana Catur Jaya Utama, PT Sawit Sukses Sejahtera, PT Bumihutani Lestari, PT Agrolestari Kencana Makmur, and PT Satria Manunggal Sejahtera.Two plantation areas are now planted and processed while in three other areas, the majority of land has been planted and began to pass its productive period. Two other plantation areas have not yet been planted.BW Plantations total area reaches 93,000 hectare in which 42,000 hectare has already had land cultivation rights title (HGU) and the remainders are still in the process to secure such HGU certification.As of end of December 2010, BW Plantations total planted areas covered 52,060 hectare where 93% of it is the core plantation area. The productive area reached 15,270 hectare, consisting of 9.8 years old plants.In the meantime, PT Astra Agro Lestari Tbk has allocated US$45 million to construct two crude palm oil processing plants this year.Each of the plant has 45 ton capacity per hour as it will be used as plantation area in East Borneo, said Astra Agro Lestari Investor Relation, Yarmanto.Capital ExpenditureA plant requires US$15 million investment while the remaining costs US$30 million. The fund will be derived from 2011 capital expenditure allocation, he said amidst a market outlook event Monday evening.Every year the company needs additional plant to process its palm oil. We expect to make trial in early year or in the first half of 2012,he said.Yet, he declined to disclose this year's capex since the management is yet to ensure maintenance cost and the other costs.The capex allocation will be used to nourish unplanted land and procure fertilizers.This year, the company has 43,000 hectare unplanted area.The commodity-based stocks will again rise in line with the annual increase of consumer needs, said an analyst at Indo Surya Securiteis, Reza Priyambada. I recommend 'buy' as the stock price will continue to rise until the end of this year. (T02/NOM)
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