PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
33
15. LONG-TERM BANK LOANS continued Credit Suisse, Singapore Branch continued
The Company has used the loans, among others, for the following details: 1. US 17,505,000 was lent by the Company to Venture Max Resources Pte., Ltd., Singapore, its
parent company to partially refinance its acquisition of the Company’s shares Note 25d. This loan shall be due in one day after the receipt of repayment notice from the Company. Based on
the amendment to the facility agreement dated March 29, 2007, which were entered into between Venture Max Resource Pte., Ltd. and the Company, this facility shall bear interest at 3
month LIBOR + 2.5 per annum starting July 1, 2007.
2. US59,000,000 was used for 100 acquisition of the shares of Palma Agro Ltd. PAL which was established in Republic Seychelles Note 3. PAL holds 93.6 shares ownership in Sungai
Rangit. On January 16, 2007, based on assesment of PT Fiera Admiratiara, an independent appraisal, the value of Sungai Rangit ranges between US54,000,000 and US63,000,000.
3. Equivalent to Rp138,546,841 was lent to Telaga Hikmah and Mutiara Bunda Jaya, to settle their loan to PT Bank Rakyat Indonesia Persero Tbk BRI. On January 29, 2007, Telaga Hilmah
and Mutiara Bunda Jaya have fully repaid their loans to BRI, which amounted to Rp71,054,570 and Rp42,426,715. Equivalent to Rp14,969,000 was lent to Telaga Hikmah and Mutiara Bunda
Jaya to secure the repayment of their plasma participants’ loans to BRI.
Facility fee incurred in this loan amounting to Rp15,961,750 was recorded net of its amortization of Rp532,058, as part of Deferred Charges in the 2007 balance sheet.
On 26 July 2007, the Company has fully repaid US 100,000,000 of loan facility to Credit Suisse, Singapore Branch Note 31a.
PT Bank Central Asia Tbk BCA Sungai Rangit
On November 15, 2006, Sungai Rangit obtained investment loan facilities from BCA, with the following details:
a Facility at the maximum of Rp180,000,000, to be used to repay the convertible loan, which is
repayable in six 6 years after two 2-year grace period, starting from the initial withdrawal. b Facility at the maximum of Rp95,000,000 or its equivalent amount in US dollar, to be used to
expand the plantation activities and for rehabilitation program for palm oil mill and plantation, which is repayable in six 6 years after two 2-year grace period, starting from the initial withdrawal.
c Facility at the maximum of Rp25,000,000 or its equivalent amount in US dollar, to be used to expand the plantation activities and for rehabilitation program for palm oil mill and plantation, which
can be withdrawn within January 1, 2008 to June 30, 2008. This facility is repayable in six 6 years after one-year grace period, starting from the initial withdrawal.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
34
15. LONG-TERM BANK LOANS continued PT Bank Central Asia Tbk BCA continued
