KUALA LUMPUR: KUALA LUMPUR KEPONG BHD []'s (KLK) subsidiary is acquiring PT. Anugrah Surya Mandiri (PT ASM), which holds a certificate for 3,700 hectares in Indonesia, for RM4.72 million cash.
KLK said on Monday, Nov 1 that PT ASM holds a certificate of 'Izin Lokasi' for the land in Kampung Batu Putih, Kabupaten Berau.
'The proposed acquisition is in line with KLK's strategy to further increase KLK Group's oil palm PLANTATION [] area in Indonesia,' it said.
KLK said KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) would acquire 90% of PT ASM from Abdul Halim Najar and another 5% from Teddy Wiradi Jaya.
It said PT ASM intended to develop the land into oil palm plantations in due course. The land is adjacent to one of KLK's plantations in Kalimantan Timur.
However, the acquisition was conditional upon the renewal of the 'Izin Lokasi'; procurement of the plantation business licence and other regulatory approvals.
'The proposed acquisition is expected to be completed in the 1st quarter of calendar year 2012 subject to the fulfilment of all conditions precedent stated in the sales and purchase agreements,' it said.
KLK said on Monday, Nov 1 that PT ASM holds a certificate of 'Izin Lokasi' for the land in Kampung Batu Putih, Kabupaten Berau.
'The proposed acquisition is in line with KLK's strategy to further increase KLK Group's oil palm PLANTATION [] area in Indonesia,' it said.
KLK said KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) would acquire 90% of PT ASM from Abdul Halim Najar and another 5% from Teddy Wiradi Jaya.
It said PT ASM intended to develop the land into oil palm plantations in due course. The land is adjacent to one of KLK's plantations in Kalimantan Timur.
However, the acquisition was conditional upon the renewal of the 'Izin Lokasi'; procurement of the plantation business licence and other regulatory approvals.
'The proposed acquisition is expected to be completed in the 1st quarter of calendar year 2012 subject to the fulfilment of all conditions precedent stated in the sales and purchase agreements,' it said.
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