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Jakarta Post

Indofood goes ahead with palm oil expansion despite Citigroup’s withdrawal

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Mon, August 26, 2019   /  11:57 am
The Jakarta Post Image
According to data from the Association of Palm Oil Producers (GAPKI), Indonesia’s palm oil exports increased to 32 million tons in 2018 from 31 million tons in 2017.(Shutterstock/File)

PT Indofood Sukses Makmur will go ahead with a plan to expand its palm oil business despite Citigroup’s recent decision to stop its financing facilities for the company. Indofood director Thomas Tjhie said Citgroup’s move would not affect his company’s palm oil expansion agenda. “We have no problem with the cancelation,” he told the press in Jakarta on Wednesday, adding that the company had used a small part of Citigroup’s credit facility. Thomas said a number of foreign and domestic banks would continue to provide funds for Indofood subsidiary PT Salim Ivomas despite the withdrawal of Citigroup. According to Indofood’s June 2019 financial statement, Indofood has received loans from Japanese lender MUFG Bank, Dutch lender Rabobank as well as private lenders Bank Tabungan Pensiunan Negara (BTPN), Bank Central Asia (BCA) and state-owne...