Palm oil producer PT Minamas Gemilang, a subsidiary of the world's largest publicly listed palm oil producer Sime Darby, had acquired 95 percent of the total issued and paid up shares of PT Indo Sukses Lestari Makmur at a total sum of US$4.356 million.
Accumulated to 3,800 shares at Rp1 million each, the purchase agreement was executed on December 21st and allow the company to acquire 3,500 shares previously owned by SLT Capital Pte Ltd and 300 shares owned by PT Entete Mining.
The proposed acquisition is expected to complete within two months from the date of agreement.
PT Indo Sukses Lestari Makmur is currently in the process of obtaining the Timber Forest Product Exploitation Business License (IUPHHK License) from the Ministry of Forestry for up to 10,000 hectares of concession area for rubber cultivation in East Belitong Regency, Bangka Belitong Province, now waiting for a review from the Directorate General of Forestry Products Development.
PT Minamas Gemilang's main business is in the oil palm business with up to 250,000 hectares of plantation lands scattered throughout Aceh, Jambi, Riau, South Sumatera, West Kalimantan, South Kalimantan, Central Kalimantan and Central Sulawesi. The company runs 25 CPO processing facilities in 85 plantation areas. (eaz)
