Two subsidiaries of Golden Plantation (GOLL), PT Bumiraya Investindo and PT Airlangga Sawit Jaya, are tangled by debts, as both companies have submitted postponement of debt repayment obligations. Sluggish financial condition made Golden Plantation plans to sell its plantation estate.
According to the official statement, unit of Tiga Pilar Sejahtera Food (AISA) will sell its 1,900 hectares land in Muara Tebo district, Jambi province, with estimated value of Rp200 billion. The Company targets the sales to be realized in the third quarter (Q3) this year. Golden Plantation has obligation over long-term debt matured in one year for Rp1.14 trillion. It will seek for operational partnership, also divest its estate to pay the obligations.
The Company currently has nine oil palm plantations, located in South Kalimantan, Central Kalimantan, West Kalimantan, Riau, South Sumatra and Jambi with a concession area of 63,441 ha, of which 24,682 ha (or about 39% of the total concession area) is planted.
