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Jakarta Post

Indofood firm on palm oil expansion

  • Riska Rahman

    The Jakarta Post

  /   Tue, August 27 2019   /  01:35 am

Indonesia’s largest listed food and beverages company 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) an...