Eagle High Plantations sold two of its subsidiaries to pay debts

10 May 2021 21:47

JAKARTA. PT Eagle High Plantations Tbk (BWPT) had sold two subsidiaries for IDR 133 billion to reduce bank debts and strengthen its cash flow.

Satria Budi Wibawa, the Corporate Secretary of BWPT, specified those two subsidiaries. They were PT Agrolestari Kencana Makmur (AKM) and PT Bumi Sawit Utama (BSU). The purchasing parties were PT Adau Agro Kalbar and PT Adau Hijau Lestari.

“The buyer parties are not affiliates of the company,” Wibawa asserted in the information disclosure in Indonesia Stock Exchange today (10/5).

According to idnfinancials.com, the total stakes of BWPT in AKM and BSU were 100% in December 2020. Total assets of these two subsidiaries were reported at IDR 389.29 billion and IDR 79.02 billion.

AKM was established in 2007, while BSU was built in 2011. Both subsidiaries under BWPT operated in the palm plantation business. (KR/ZH)

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