Posco International officials and guests pose for photographs as a ceremony to unveil the new corporate identity of its Indonesian subsidiary PT.PAR in Jakarta on Wednesday. Pictured in the back row, eighth from left, are Posco International CEO Lee Kye-in, South Korean Ambassador to Indonesia Yoon Soon-gu and Indonesian Palm Oil Association Chairman Eddy Martono. (Posco International)
Posco International, the trading and energy arm of Posco Group, said Thursday that it had completed the integration of Indonesian palm oil producer Sampoerna Agro and launched a new corporate identity under the name PT Prime Agri Resources, or PT.PAR.
The company held a ceremony at the Raffles Hotel in Jakarta, Indonesia, on Wednesday to mark the completion of the post-merger integration process and officially unveil PT.PAR's corporate identity. PT. PAR finalized its legal name change in January after completing regulatory procedures in Indonesia.
Attendees included Posco International CEO Lee Kye-in, South Korean Ambassador to Indonesia Yoon Soon-gu, Indonesian Palm Oil Association Chairman Eddy Martono and other industry officials.
Posco International acquired Sampoerna Agro in a deal worth about 1.3 trillion won ($855 million) in November, securing approximately 128,000 hectares of palm plantations across Indonesia's Sumatra and Kalimantan islands. The acquisition also gave the company one of Indonesia’s leading palm seed production subsidiaries and related research and development capabilities.
Posco International now operates three palm-related entities, including PT.PAR, PT.BIA, which manages 26,000 hectares of plantation in Papua, and PT.ARC, a palm oil refining joint venture with GS Caltex that has an annual refining capacity of 500,000 tons.
Combined, Posco’s total plantation area now stands at 154,000 hectares, equivalent to about 2.5 times the size of Seoul.
Posco International plans to use its integrated business structure to expand and establish itself as a leading global platform for food and bio-materials. The company expects its palm business operating profit to more than double this year, supported by expanded production capacity and enhanced seed technology capabilities.
The newly unveiled PT.PAR corporate identity features a palm tree-inspired symbol and interconnected curves designed to represent the continuity of the company's business operations, from seed development and plantation management to palm oil production, while reflecting its commitment to sustainable growth, the company explained.
"The launch of PT.PAR and the new corporate identity mark a significant milestone in expanding our production base and strengthening our seed business capabilities," the company official said. "We will continue enhancing the competitiveness of our palm business and further establish ourselves as a global food and materials platform."
sahn@heraldcorp.com
Read the full article at The Korea Herald →
KR