Realization of the company's commitment to generate added value for investors
Jakarta, July 26, 2018 – PT Sawit Sumbermas Sarana Tbk (SSMS) carried out the first coupon payment of USD11,625,000 to Bank of New York Mellon, New York branch which scheduled every July 23 and January 23. This coupon payment is a part of SSMS's commitment to fulfill financial obligation related to its global bond worth USD300 million. The bonds were issued on January 23, 2018 with a five-year tenor, namely 2018 – 2023. The full principle payment will be made on due date with interest rate at 7.75% per year.
"SSMS has a mission to realize the full potential of palm oil for all stakeholders, including investors. We will continue to strive to maintain the trust and support from our stakeholders, one of which is by fulfilling our commitments on time," said SSMS CEO Vallauthan Subraminam.
Vallauthan also added that 88% of the funds raised from the bonds already allocated toward refinancing existing loan from Bank Nasional Indonesia (BNI), while the remaining funds will be used as the company’s working capital.
"SSMS investors do not only help the company to keep growing and creating added values, but also directly contributing to the empowerment of local communities and the preservation of environment," added Vallauthan.
SSMS has allocated 3.4% or USD10 million of the funds raised by the global bonds to support the company’s sustainability programs. In the second quarter (Q2) of 2018, SSMS handed over up to 400 cattle to a group of plasma farmers in Pangkalan Lada as part of the company's program to promote the oil palm – cattle integration practice.
SSMS introduces oil palm - cattle integration to optimize the plantation productivity through an integrated land use. Groups of cattle are placed in plantation areas to graze by rotation system. As a result, plantation maintenance cost such as herbicide and fertilizer purchases were significantly reduced, while also cutting down on cattle feed costs. In addition to these operational efficiency, the oil palm-cattle integration program also provides an alternative revenue stream through the sales of beef and cow milk.
SSMS also complemented the innovative program by providing a Community Farm Field School/Sekolah Lapang Peternakan Rakyat program for the plasma farmer families.
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