Tiga Pilar to Sell Majority Shares in Golden Plantation
[Updated at 02:10 p.m. on Wednesday, Dec. 23, 2015, to correct title of Sjambiri Lioe in first paragraph]
Jakarta. Food and beverage producer Tiga Pilar Sejahtera Food plans to sell its majority shares in palm oil unit Golden Plantation next year, as part of the company's efforts to reduce its dollar-denominated debt burden, Tiga Pilar finance director Sjambiri Lioe said on Tuesday.
"Today we have Rp 3.2 trillion [$233.66 million] in outstanding debt, Rp 1 trillion of which is related to the plantation business," Sjambiri said.
Tiga Pilar sold 21.8 percent of Golden Plantation to the public at the end of last year. It plans to sell more shares to reduce its ownership to 49.9 percent.
Sjambri did not say when the company would conduct the deal.
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