Singapore-listed Golden Agri Resources Ltd, the world’s second-largest palm oil producer, said Wednesday its Liberia business Golden Veroleum has received a $500 million loan from the China Development Bank to develop palm plantations in the African country.
Golden Veroleum Ltd, owned by private equity fund The Verdant Fund LP, will draw on the loan over six years for its Liberia project.
Golden Agri, belonging to the Indonesian Sinar Mas Group conglomerate, is currently the only investor in The Verdant Fund.
“The Board of Directors of Golden Agri-Resources Ltd wishes to announce that Golden Veroleum Limited (GVL) has procured a term loan facility from China Development Bank Corporation in an aggregate principal amount of $500 million with total tenor of 15 years,” the palm planter said in a statement to the Singapore Exchange.
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