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NewsKulim completes acquisition of 74 pct stake in pt win for RM142.48 mln
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Kulim completes acquisition of 74 pct stake in pt win for RM142.48 mln
by Cals Mon 17 Feb 2014, 18:51
| Kulim completes acquisition of 74 pct stake in pt win for RM142.48 mln |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 17 February 2014 16:27 |
KUALA LUMPUR (Feb 17): Kulim (Malaysia) Bhd has completed the acquisition of a 74 per cent stake in PT Wisesa Inspirasi Nusantara (PT Win) for RM142.48 million.
The company today announced that on Dec 30 last year, Badan Koordinasi Penanaman Modal (BKPM) approved PT Win's corporate status to Foreign Capital Investment (or Penanaman Modal Asing) company as a result of the acquisition.
"In order to comply with the shareholding requirements stated in the BKPM letter, the parties have agreed to the transfer of 3.33 million PT Win shares from PT Graha Sumber Berkah (PT GSB) and 1,000 PT Win shares from PT Win Director, Raden Wisik Tomo Siddi, to Kulim, for approximately RM56.98 million.
"They have also agreed to the issuance of 4.99 million new PT Win shares to be subscribed by Kulim for approximately RM1.37 million, as well as the injection by Kulim of RM84.11 million into PT Win as working capital to acquire plantation land," Kulim said in a filing to Bursa Malaysia today.
The transfer of PT Win shares took effect on Feb 14 and Kulim now enjoys actual control over 74 per cent of PT Win shares with the remaining 26 per cent held by PT GSB.
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