JAKARTA: PT Tiga Pilar Sejahtera Food Tbk, a food processor which is developing its energy and plantation businesses, completed a deal to acquire PT Jatim Jaya Perkasa's 12,000-ha palm oil plantation in Sumatra for IDR800 billion. At the same time, Finance Director of Tiga Pilar Sejahtera Food Sjambiri Lioe said that the company had taken over the grain mill of PT Jatisari Sri Rejeki in IDR210 billion deal. Ganda Family runs Jatisari. PT Athena City Holdings Limited owns majority in the acquired plantation. "In total, the acquisition takes up IDR1.1 trillion. Today [yesterday] those agreements were signed," he confirmed last night. The company tapped bank loans to fund 70% of the acquisition transactions. The other 30% was made through a bond conversion and stock swap. About 15% of Jatisari's deal was completed through stock swap. "We do not use internal cash to complete the acquisition process," he added. (NOM)
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