SMAR Established Brasil Sociedade Limitada. The parent company of PT Sinar Mas Agro Resources & Technology Tbk. (SMAR). Golden Agri-Resources Ltd established a new subsidiary in Brazil named Golden Agri-Resources Brasil Sociedade Limitada Unipessoal. Head of Global Vegetable Oil & Oilseeds Golden-Agri Resources Paul Hickman.
Moreover, he said the company’s sales team in Europe found trading opportunities from the sugar business. This sector is also in line with the company’s existing palm oil distribution network. In November 2019. The company also acquired all sugar business divisions belonging to RCMA Group Pte Ltd.
Furthermore, by utilizing the company’s extensive distribution capabilities for palm oil products. The company’s entry into the sugar business contributes to good revenue with low costs and assets. he explained as quoted from the company’s official statement on Thursday (8/10/2020). He added that the company will continue.
In addition to provide the best service for customers of palm oil products. While distributing sugar products to these customers. This distribution model, he continued. Is considered more efficient for the company’s existing and potential new customers. “Establishing a business unit in one of the largest sugar exporting countries in the world.
Such as Brazil is a logical step for us to improve the sugar business sector. Said Hickman. Meanwhile, PT Sinar Mas Agro Resources Technology Tbk. It will issue bonds with a target fund raised of up to IDR 1.4 trillion. Based on the company’s prospectus on the official website of the Indonesia Stock Exchange (IDX).
As well as the issuer coded as SMAR securities will issue a sustainable bond II SMART Phase II Year 2020 with a principal amount of bonds of IDR 1.4 trillion. The bonds consist of three series. Namely series A worth IDR 572 billion with a coupon of 8 percent and a tenor of 370 calendar days from the date of issuance.
As well as then series B worth IDR 280 billion with 9.75 percent interest with a 3-year tenor. And series C worth IDR548 billion. with an interest rate of 10.5 percent with a 5-year tenor. Meanwhile, the company has obtained idA + or Single A plus rating results from PT Pemeringkat Efek Indonesia (Pefindo) for the bond issuance.
Furthermore, PT BCA Sekuritas, PT CIMB Niaga Sekuritas. PT Sinarmas Sekuritas, and PT Sucor Sekuritas. Are underwriters for the issuance of bonds. The trustee is held by PT Bank Mega Tbk. (MEGA). SMAR will use the proceeds from the offering. After deducting the issuance costs. Which will be used for working capital and debt payments.
Moreover, about 42 percent is for capital expenditure, which is to finance the completion of the biodiesel plant capacity in Tarjun, South Kalimantan. And about 29 percent for the payment of long-term bank loan principal installments. Last, wrote Sinar Mas Agro Resources Technology Management as quoted on Monday (5/10/2020).