CP Prima earmarks $242m to up performance

JAKARTA - The world's biggest shrimp producer, PT Central Proteinaprima (CP Prima), will spend up to US$242 million on strengthening the operation of the company's two subsidiaries in Tulang Bawang in Lampung in order to boost shrimp production.

CP Prima's chief financial officer, Gunawan Taslim, said Tuesday that the company would set out on a program to revitalize PT Wachyuni Mandira (WM) and PT Aruna Wijaya Sakti (AWS), formerly called PT Dipasena Citra Darmaja.

CP Prima acquired Dipasena in May after the government announced that the aquaculture firm could not pay its debts to the state. The firm first got into trouble following the country's financial crisis of 1998. Dipasena, renamed Aruna Wijaya, resumed operations soon after being acquired by CP Prima.

The revitalization, which will include the refurbishment of machinery and the reopening of abandoned shrimp ponds, will be conducted in stages up until the middle of 2009.

"The revitalization program for Wachyuni Mandira will be completed by the end of this year, while that for Aruna Wijaya will begin in January 2008, and will be completed within 12 and 16 months," Taslim told a media conference.

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Source: Jakarta Post

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