KUALA LUMPUR (Jan 25): SIME DARBY BHD [] is expanding its PLANTATION []s via the acquisition of a 95% stake in PT Indo Sukses Lestari Makmur, whose core activities include the development of industrial plant forest and rubber tapping.
The conglomerate said on Wednesday its indirect unit PT Minamas Gemilang had signed a conditional share sale and purchase agreement to buy 3,800 shares of Indo Sukses or a 95% stake for US$4.35 million.
Under the agreement, Minamas would buy 3,500 shares of Indo Sukses from SLT Capital Pte Ltd and 300 shares from PT Entete Mining
“Indo Sukses is in the process of obtaining the timber forest product exploitation business licence from the Ministry of Forestry over approximately 10,000 hectares of concession area on the industrial plant area for rubber forest located in East Belitung Regency, Bangka Belitung Province, Indonesia,” it said.
Sime Darby also said Indo Sukses had obtained the second instruction letter from the Ministry of Forestry for the preparation of the working area map.
It added the issuance of the business llicense was pending review of the map by the Directorate General of Forestry Products Development.
The conglomerate said on Wednesday its indirect unit PT Minamas Gemilang had signed a conditional share sale and purchase agreement to buy 3,800 shares of Indo Sukses or a 95% stake for US$4.35 million.
Under the agreement, Minamas would buy 3,500 shares of Indo Sukses from SLT Capital Pte Ltd and 300 shares from PT Entete Mining
“Indo Sukses is in the process of obtaining the timber forest product exploitation business licence from the Ministry of Forestry over approximately 10,000 hectares of concession area on the industrial plant area for rubber forest located in East Belitung Regency, Bangka Belitung Province, Indonesia,” it said.
Sime Darby also said Indo Sukses had obtained the second instruction letter from the Ministry of Forestry for the preparation of the working area map.
It added the issuance of the business llicense was pending review of the map by the Directorate General of Forestry Products Development.
