KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) via its Singapore-incorporated wholly-owned subsidiary, Taiko Plantations Pte Ltd, plans to take a 60% equity interest in PT Pinang Witmas Sejati for RM341.55 mil.
In a filing with Bursa Malaysia today, KLK said it had entered into a conditional shares sale and purchase agreement with Ladang Lekir Sdn Bhd to acquire, “free from all encumbrances,” 15,000 ordinary shares of nominal value one million rupiah each.
“The acquisition represents an opportunity for KLK to acquire a company with a brownfield oil palm plantation (in Indonesia).
“Further, the acquisition is in the ordinary course of business of the KLK Group and is also in line with its business direction to expand its plantation landbank,” it said.
The acquisition is expected to be completed in the third quarter of 2020.
PT Pinang Witmas Sejati, a company established in Indonesia, is involved in the setting up and operation of oil palm plantations, and is also a crude vegetable oil industry player. – April 24, 2020, Bernama
