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Lonsum to invest $49.2m in 2009
JAKARTA: PT Perusahaan Perkebunan London Sumatra Indonesia, the country's second largest publicly listed plantation company, will spend Rp 600 billion (US$49
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JAKARTA: PT Perusahaan Perkebunan London Sumatra Indonesia, the country's second largest publicly listed plantation company, will spend Rp 600 billion (US$49.2 million) in investment next year, a senior executive says.
Managing director of finance Jay G. Wacher said Wednesday the firm would spend Rp 250 billion on plantation in immature lands, Rp 250 billion on palm oil expansion and the remaining funds on expanding infrastructure in the areas surrounding the plantations.
He said the company would use its accumulated internal cash reserves to finance these investment plans, as it still had Rp 1 trillion in cash on its balance sheet.
Wacher aims that the production of palm oil will increase by 10 percent next year from the forecast production of 342,000 tons this year as the company expands its operations. -- JP
