JAKARTA - PT Asia Pacific Fibers Tbk (POLY) is developing value-added products and will restructure its debt to achieve a revenue target of US$ 350 million by 2021. This was conveyed by Ravi Shankar, President Director of POLY in public expose quoted on Thursday (10/12).
He said the company was preparing a capital expenditure of US$ 15 million to produce a number of value added products, which in the near future these products would be partnered with customers holding the best brands. "Apart from investing, the company will complete the debt restructuring process," he said.
He stated that the products, that would be generated from the investment, made by the company included recycling textile products from customers. The use of textiles and textile products (TPT) next year, he said, would increase by around 4% domestically. "Exports to developing countries in the second quarter of 2021 will increase," he said.
In addition, POLY management is also planning a capital expenditure (capex) of US$ 5 million to upgrade manufacturing equipment to be more energy efficient. The source of funds for that comes from the company's internal cash. (LK/VA)