State-owned Bank Rakyat Indonesia (BRI), the country’s second-largest lender by assets, will provide a loan of up to Rp 1.96 trillion (US$229.32 million) to state-owned forestry firm Perum Perhutani to finance the latter’s expansion projects.
Perhutani finance director ANS Kosasih said in Jakarta on Monday that the additional funding from BRI would be needed to ‘help finance the company’s expansion program.
“Perhutani is late in developing its business because it uses only its own funds to support business. Many of its competitors have done better in expanding their business thanks to the utilization of bank loans,” he said.
Kosasih added that his firm would use the bank loan to increase its funding to develop forest-based industry, a part of its expansion plan to achieve its target to book net profits of about Rp 1 trillion in the next three years.
Last year, Perhutani booked total sales of about Rp 3 trillion with net profit reaching Rp 325.45 billion, Kosasih said. Speaking after the signing of the loan agreement, BRI president director Sofyan Baswir said that out of the total Rp-h96-trillion funds allocated for Perhutani, Rp 300 billion would be distributed to finance new plantation projects to be conducted jointly by Perhutani and state forestry companies Inhutani I, II, III, and V.
“Each may get Rp 60 billion,” he said, adding that the funds were expected to further improve each company’s financial performance. Under the partnership program, Perhutani and the fourth Inhutani companies will develop rubber plantations in Sumatra and Kalimantan. BRI has disbursed loans totaling Rp 54 trillion to state-owned enterprises as of December last year.
The banks’ outstanding credit at the state companies total about Rp 29 trillion as more than half of the loans have been repaid. Meanwhile, State-Owned Enterprises Minister Mustafa Abubakar welcomed Perhutani’s decision to finally make use of bank credit, saying the funds would help the company develop forest-based industrial centers and boost its cooperation with state-forestry firms Inhutani in promoting their rubber production.
“This is a breakthrough for both Perhutani and Inhutani because up to now, they have yet to utilize bank credit to develop plantations,” he said after witnessing the signing of the memorandum of understanding between the firms at the ministry’S office in Jakarta.
Mustafa added that as one of the world’s largest rubber producers, Indonesia had a competitive advantage to promote its natural-based rubber industry.
“With this facilitation, we may grab the market, which is currently dominated by synthetic rubber, as nowadays it has become less competitive when viewed from economic and environmental perspective,” he said.
According to Mustafa, the cooperation between Perhutani and Inhutani will cover a 131,000 hectare plantation area with an expected output of one ton of natural robber per hectare. The expansion will take up around Rp 2.5 trillion in investment over three to five years.
Nama Media : JAKARTA POST
Tanggal : Selasa, 31 Mei 2011 hal 13
Penulis : LINDA YULISMAN
TONE : POSITIVE