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Genting Plantations expanding in Indonesia via US$116mil JV
by hlk Fri 13 Apr 2012, 20:28
KUALA LUMPUR: Genting Plantations Bhd is setting up a joint venture with two companies to cultivate about 74,000 ha of oil palm plantations in Kalimantan, Indonesia.
It said on Friday its unit, Sunyield Success Sdn Bhd had signed a sale and purchase and subscription agreement with the vendor Global Agrindo Investment Company Ltd and the joint venture company (JV company) Global Agripalm Investment Holdings Pte Ltd.
It said agreement would involve up to US$116mil cash. Under the corporate exercise, up to US$66mil would be use to acquire 495 ordinary shares of the JV company or 49.5% stake from the vendor.
The remaining US$50mil would be used to subscribe for 371 new JV company shares or 27.1% of the enlarged share capital of JV company.
The corporate exercise would see Genting Plantations owning 63.2% based on the enlarged share capital of JV company.
It said on Friday its unit, Sunyield Success Sdn Bhd had signed a sale and purchase and subscription agreement with the vendor Global Agrindo Investment Company Ltd and the joint venture company (JV company) Global Agripalm Investment Holdings Pte Ltd.
It said agreement would involve up to US$116mil cash. Under the corporate exercise, up to US$66mil would be use to acquire 495 ordinary shares of the JV company or 49.5% stake from the vendor.
The remaining US$50mil would be used to subscribe for 371 new JV company shares or 27.1% of the enlarged share capital of JV company.
The corporate exercise would see Genting Plantations owning 63.2% based on the enlarged share capital of JV company.
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