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[Release] Barito Pacific Invested in Oil and Gas Sector and Planned Acquisition of Palm Plantation
Having recorded the convincing financial performance throughout the year of 2009 and the first quarter of 2010, PT Barito Pacific Tbk (BRPT) started to expand its business into oil and gas sector and palm plantations.
On May 5, 2010, Barito Pacific, formed a partnership with a local government owned enterprise (BUMD) of East Java and Madura to handle the business of oil and gas in the Madura Offshore PSC.
Barito Pacific has 49% shares in PT Petrogas Beach Madurese (PPM), which has investments in Madura Offshore by 10%.
"The Company will provide working capital financing to PT PPM up to US$7.5 million," said Senior Vice President of Investor Relations Agustino Sudjono.
This investment is a part of the Barito Pacific plan to be a diversified resource base company. "The Company currently is also exploring a number of other investment opportunities in oil and gas sector," added Agustino.
Meanwhile, Barito Pacific is also dealing with the acquisition of 100% shares in a oil palm plantation company, namely PT Royal Indo Mandiri (RIM), amounted to US$25 million. RIM currently has 29,000 hectares of land in West Kalimantan in is targeted to have an area of 41,000 hectares, with 12,000 hectares of area, at the end of 2010.
"We will seek an approval from shareholders at the Annual General Meeting of Shareholders to be held on June 7 next," said Agustino. The Company believes that shareholders will approve this acquisition plan since this strategic move will speed up the Company transformation to become a diversified resource company.
Barito Pacific has a strong commitment in RIM expand continuation. In the Barito Pacific’s plantation business blueprint, RIM is projected to have 250,000 hectares of land with 100,000 hectares of planted area in 2015.
We have a strong commitment to continuously raising our resources business. "Expansion and increase production capacity in the petrochemical sector, investment in oil and gas sector, as well as acquisitions of plantation companies is our commitment to continue expanding our business lines. And, we will never stop, "said Agustino.
PT Barito Pacific Tbk listed on the Indonesia Stock Exchange under the BRPT ticker. BRPT share is a leading share in the LQ45 index. In 2009, Barito Pacific recorded a net profit of Rp547 billion. And, in the first quarter of 2010, the Company recorded a net profit of Rp117 billion with a cash and cash equivalents position amounted to Rp2.12 trillion.
Jakarta, 7 May 2010
INVESTOR RELATIONS - PT Barito Pacific Tbk
Note :
This is a translated document. In the event of any inconsistency between the English and the Bahasa Indonesia version, the Bahasa Indonesia version shall prevail
