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
8
1. GENERAL a. PT Sampoerna Agro Tbk “the Company”
The Company is a limited liability company established in Indonesia on June 7, 1993, based on Notarial Deed of Tina Chandra Gerung, S.H No. 8. The Articles of Association were approved by
the Ministry of Justice and Human Rights under Letter No. C2-1840.HT.01.01.TH.94 dated February 4, 1994, and published in the State Gazette No. 60, Supplement No. 4842 dated
July 29, 1994. Based on Notarial Deed Sutjipto, S.H., M.Kn. No. 52 dated February 16, 2007, the Company
changed its name from PT Selapan Jaya to PT Sampoerna Agro. The amendment was approved by the Ministry of Justice and Human Rights under Letter No. W7-02335 HT.01.04-TH.2007 dated
March 9, 2007.
The Articles of Association have been amended from time to time, the latest amendment of which was made under Notarial Deed No. 87 of Sutjipto, S.H., M.Kn., dated April 11, 2007 concerning
about initial public offering plan, change in the share’s par value by stock split, increase in paid up share capital and changes to comply with Indonesian capital market law, including the change in
the Company’s name from PT Sampoerna Agro to PT Sampoerna Agro Tbk.
The Company was approved as a Domestic Capital Investment Company “PMDN” based on the approval of the Capital Investment Coordinating Board “BKPM” through Letter
No. 336IPMDN1994 dated June 3,1994. On January 9, 2007, the Company amended its Articles of Association which were covered by
Notarial Deed of Linda Herawati S.H., No. 16 concerning about the change in the Company’s status from Domestic Capital Investment to Foreign Capital Investment.
Based on various letters and permits secured by the Company from local, regional and national government agencies, the Company may develop 25,700 hectares of oil palm plantations in Ogan
Komering Ilir, South Sumatera, consisting of 7,200 hectares of its own plantations referred to as the Nucleus or “Inti” and 18,500 hectares of Plasma plantations with milling capacity of up to 360
tonnes of fresh fruit bunches per hour. The land right certificate “Hak Guna Usaha” for 3,243 hectares of Inti plantations will expire in 2037 but can be renewed up to 2097.
The Company commenced its commercial operations in November 1998 and its head office is located at Jalan Basuki Rahmat No. 788, Palembang, South Sumatera.
On June 7, 2007, the Company received the effective statement from Chairman of the Capital Market Supervisory Agency BAPEPAM to carry out Initial Public Offering IPO based on the
BAPEPAM’s letter No S-2707BL2007. On June 18, 2007, the Company was listed on Jakarta Stock Exchange BEJ.
b. Subsidiaries
On January 26, 2007, the Company acquired 100 shares of Palma Agro Ltd. PAL, whereas PAL owned 93.6 shares in PT Sungai Rangit.
On March 30, 2007, the Company acquired 99 shares of PT Sawit Selatan, PT Tania Binatama, PT Sungai Menang, PT Selatanjaya Permai, PT Usaha Agro Indonesia and PT Pertiwi Lenggara
Agromas. On June 30, 2007, those Companies are still in development stage.
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
9
1. GENERAL continued
