Multibreeder to get fund injection of $55 million

Jakarta (ANTARA News) - Publicly-listed grandparent and parent stock breeding company PT Multibreeder Adirama Indonesia will obtain an injection of US$55 million in fresh funds from its controlling shareholder PT Japfa Comfeed Tbk to repay debts and expand business.

Japfa which now controls 73.06 percent of Multibreeder`s shares will inject US$55 million in loans to the latter, Multibreeder said in a statement on Tuesday.

Of the total, US$38.21 million will be used to repay debts due on December 31, 2011, and US$16.78 million to buy assets and working capital, it said.

Multibreeder`s products consist of day-old chicks (DOC), namely Parent Stock Broiler, Parent Stock Layer, Final Stock Broiler, Final Stock Layer Male and Final Stock Layer Female, while its by-products include culling chicken and consumable eggs.