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T Nippon Indosari Corpindo, the maker of Sari Roti bread, plans to open three more factories in 2012 to boost its production to 2.4 million loaves per day from its current rate of 1.82 million loaves per day so far this year.

Operations director Yusuf Hady said on Thursday that the three factories — in Cibitung, West Java; Palembang, South Sumatra; and Makassar, South Sulawesi — would cost Rp 200 billion (US$23.4 million).

“The Cibitung factory will be larger than the other two and is expected to start operating in January. We disbursed around Rp 80 billion or more for its construction,” he told reporters in Jakarta.

The Palembang and Makassar factories would cost Rp 50 billion and 60 billion, respectively, and were expected to open in the second quarter of next year, he added.

“We expect 400,000 bread loaves per day from the factories in Palembang and Makassar, and greater production from Cibitung,” he said.

Yusuf said the Makassar plant was meant to gain ground in the eastern Indonesia market. “We see market potential outside Java, but we don’t produce long-lasting breads. Building factories is necessary if we want to reach that market,” he said.

The company currently operates three factories — in Cikarang, West Java; Semarang, Central Java; and Medan, North Sumatra.

He said that the company, which was listed among Forbes’s 200 Companies Under a Billion in Asia 2011, was eyeing several banks to provide loans for the projects.

“We will seek at least Rp 100 billion — equal to 50 percent of the total construction budget — in loans from one or two banks,” Yusuf said.

“The company will provide the rest.”

He said that the company had approached at least four banks. “However, we have yet to name the loan providers,” he said.

Yusuf said that the company expected to name the bank and set up the contract this month and receive the funds in October.

He expects that the international acknowledgment in Forbes will benefit the company.

The noted business magazine named PT Nippon Indosari Corpindo in August as one of 200 Asian companies demonstrating top performance in sales, earnings growth and return on equity. Underwriting company PT Panin Sekuritas and printing company PT Jasuindo Tiga Perkasa were also on the list.

Companies must have annual revenue of between $5 million and $1 billion and have been publicly traded for at least one year to qualify.

Forbes reported Nippon’s sales at $68 million, gaining $11 million in revenue with assets of $394 million.

“The honor is prestigious. We hope to grow into an even more qualified company,” he said, adding that the company would launch two or three new products in a year. (lfr)