JAKARTA (rambuenergy.com) – PT Tandan Sawita Papua said its shareholders have agreed on Feb. 2, 2016 to convert its debts to Green Eagle Holdings Pte, Ltd into equity of 64,125 units of shares in the company.
In addition, shareholders have also agreed PT Rajawali Corpora, owned by tycoon Peter Sondakh, to add 3,375 shares in the company as well as increased authorized capital of the company from 37,500 to 200,000 shares worth Rp1 million and agreed to raise paid-up capital to 105,000 units of shares from 37,500 units of shares.
PT Tandan Sawita Papua is an oil palm company operating in East Arso District, Keerom Regency, south of the Papuan capital Jayapura. The company has been operating since 2008 with an area of around 18,000 hectares under cultivation.
In July 2014, Louis Dreyfus Commodities, a French multinational which is one of the big four agricultural trading companies worldwide, withdrew from the Green Eagle Group, its joint venture with the Rajawali Corporation.
Green Eagle Group controls two plantations in West Papua. PT Tandan Sawita Papua in Keerom near Jayapura which has been operational since 2008. PT Varia Mitra Andalan in South Sorong is not yet operational, but is believed to hold the main permits needed to commence land clearing. The company gave no further details on its reasons for pulling out, and it is also not known how this development will affect Rajawali’s future plans.
Following is the details of the announcement with regard to debt-to-equity conversion in Indonesian language: