PTPN III scores $309.6 million in syndicated loans in part to renew 4% of palm plantations

In Indonesia, local press reports that state-owned plantation company PTPN III has scored $309.6 million in syndicated loans from 19 international and domestic banks in order to renew 4% of its half million hectares of palm oil plantations, among other activities. The loan was paid out in two tranches in July and August. The company is the largest landholder in Indonesia and in Southeast Asia. Despite the former president’s alleged bribery scandal regarding sugar, the banks feel confident in the investment due to the major landholdings.