SINGAPORE (Dec 12): Global Palm Resources is acquiring 10,100 ha of oil palm plantation in Kalimantan to increase the company's land bank available for future cultivation.

The group on Wednesday entered into a conditional sale and purchase agreement to acquire a 95% stake in PT Bumi Raya Agro (PT BRU) for a $2.2 million. The sellers are PT Bumiraya Utama which holds a 94.98% stake and individual Swandono Adijanto who holds a 0.02% stake in PT BRU.

Incorporated in Indonesia, PT BRU holds a location permit to 10,100 ha of oil palm plantation in Kalimantan. As at the date of this announcement, the target company has yet to start production nor sale of crude palm oil nor palm kernels.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook