Oriental Holdings Bhd (OHB) has secured Indonesian authorities approval to acquire two plantation companies for RM24.97 million to further expand its foothold in the industry.
In a filing to Bursa, OHB said the approvals were obtained from the Indonesian authorities for the acquisition of PT Pratama Palm Abadi (PT PPA) from Karli Boenjamin by OBS (Singapore) Pte Ltd and an Indonesian citizen Effendi Suryono.
OBS is a wholly-owned subsidiary of Oriental Boon Siew (Mauritius) Pte Ltd, which in turn is a 50.5 per cent subsidiary of OHB.
Following the transaction, PT PPA's issued and paid up capital will be increased to Rp12 billion (12,000 units) and upon completion of the acquisition, PT PPA shall become a 90 per cent subsidiary of OBS.
The sale and purchase price of the sales shares will be US$4.828 million (RM14.6 million) and will be financed via internal funds.
PT PPA has been issued a Location Permit to about 14,200 hectares land in South Sumatera Province, which it will develop under the PLASMA Programme.
Under the programme, it is required to assist in building, operating and transferring a portion of the land to small farmers.
OHB said under the concession rights, PT PPA has a right to 11,360 hectares while the small farmers in the concession area has the rights to 2,840 hectares.
In a separate filing, it said it secured the approval from the same ministry in Indonesia for the acquisition of PT Dapo Agro Makmur from Karli Boenjamin by OBS and and Effendi Suryono.
On securing the approval, PT Dapo's issued and paid up capital will be increased to Rp8 billion (8,000 units) and upon completion of the acquisition, PT Dapo shall become a 90 per cent subsidiary of OBS.
"The sales and purchase price of the sale shares shall be US$3.434 million (RM10.37 million) and the purchase consideration is via internally generated funds," it added.
PT Dapo has been issued a location permit for 10,100 hectares land in South Sumatera and under the concession rights to the land, it is required to assist in building, operating and later transferring a portion of the land to small farmers.
Under the concession PT Dapo 8,080 hectares of the land will belong to Dapo and 2,020 hectares for the small farmers in the concession area. Source: Bernama
In a filing to Bursa, OHB said the approvals were obtained from the Indonesian authorities for the acquisition of PT Pratama Palm Abadi (PT PPA) from Karli Boenjamin by OBS (Singapore) Pte Ltd and an Indonesian citizen Effendi Suryono.
OBS is a wholly-owned subsidiary of Oriental Boon Siew (Mauritius) Pte Ltd, which in turn is a 50.5 per cent subsidiary of OHB.
Following the transaction, PT PPA's issued and paid up capital will be increased to Rp12 billion (12,000 units) and upon completion of the acquisition, PT PPA shall become a 90 per cent subsidiary of OBS.
The sale and purchase price of the sales shares will be US$4.828 million (RM14.6 million) and will be financed via internal funds.
PT PPA has been issued a Location Permit to about 14,200 hectares land in South Sumatera Province, which it will develop under the PLASMA Programme.
Under the programme, it is required to assist in building, operating and transferring a portion of the land to small farmers.
OHB said under the concession rights, PT PPA has a right to 11,360 hectares while the small farmers in the concession area has the rights to 2,840 hectares.
In a separate filing, it said it secured the approval from the same ministry in Indonesia for the acquisition of PT Dapo Agro Makmur from Karli Boenjamin by OBS and and Effendi Suryono.
On securing the approval, PT Dapo's issued and paid up capital will be increased to Rp8 billion (8,000 units) and upon completion of the acquisition, PT Dapo shall become a 90 per cent subsidiary of OBS.
"The sales and purchase price of the sale shares shall be US$3.434 million (RM10.37 million) and the purchase consideration is via internally generated funds," it added.
PT Dapo has been issued a location permit for 10,100 hectares land in South Sumatera and under the concession rights to the land, it is required to assist in building, operating and later transferring a portion of the land to small farmers.
Under the concession PT Dapo 8,080 hectares of the land will belong to Dapo and 2,020 hectares for the small farmers in the concession area. Source: Bernama
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