Golden Plantation is looking for new investors
JAKARTA. PT Golden Plantation Tbk (GOLL) is looking for investors to inject capital following the company's bankruptcy.
President Director of GOLL, Budhi Istanto Suwito Saat, said that GOLL was declared bankrupt because two of its subsidiaries failed to pay their debts. The value to be paid is around US$ 76.5 million and Rp 150 billion.
Budhi said that one of the bankrupt subsidiaries is PT BRI which has a plantation area of 8,456 hectares of the total concession area of 17,562 hectares. The total area owned by GOLL reached 63,441 hectares with total plantation area reaching 24,686 hectares.
According to Budi, 76.5% of GOLL's shareholders approved the company's plan to find investors. This was stated at the General Meeting of Shareholders. In addition, investors also agreed to provide collateral for all or part of assets and provide collateral for the loans that will be received from third parties.
The IDX has also warned GOLL about the possibility of delisting since by 2021, the company's shares will have been suspended by 24 months. (AM/AR)