October 25, 2007

Indonesia's poultry breeder secures loan for expansion

Poultry farm company PT Multibreeder Adirama Indonesia has secured a loan pledge of US$55 million to repay debts and finance business expansion.

The loan is provided by its largest shareholder PT Japfa Comfeed, an animal feed producer. The company is aiming to achieve US$778 million in sales this year.

Multibreeder is 73.06 per cent owned by Japfa.

However, the loan would still require the approval of the company's shareholders, who would be meeting next month, Multibreeder's corporate secretary Christine R Wibisono said.

Multibreeder will use US$38.21 million of loan fund to repay a debt maturing in December 2011, she said.