Asset Acquisitions and Disposals::Acquisition of Shares
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Asset Acquisitions and Disposals::Acquisition of Shares
Issuer & Securities
Issuer/ Manager GOLDEN AGRI-RESOURCES LTD Securities GOLDEN AGRI-RESOURCES LTD - MU0117U00026 - E5H Stapled Security NoAnnouncement Details
Announcement Title Asset Acquisitions and Disposals Date & Time of Broadcast 07-Jul-2015 17:25:06 Status New Announcement Sub Title Acquisition of Shares Announcement Reference SG150707OTHRJS9K Submitted By (Co./ Ind. Name) Kimberley Lye Chor Mei Designation Director, Corporate Secretarial
The Board of Directors of Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to announce the acquisition by the Group of 100% of the issued and paid-up share capital of Billford Investment Corporation Ltd. ("BIC") comprising 100,000 shares of USD1.00 each fully paid (the "Acquisition").
BIC, a company established in Malaysia, together with its subsidiaries
("BIC Group") own a parcel of land in Dumai, Indonesia with total area of
320,885 sqm ("Land"). The Land is located next to the Group's oleochemical plant, refinery and bulking facilities, and is also close to the Group's plantation estate.
The consideration of USD53,604,154 for the Acquisition, which was fully settled in cash from internal resources, was determined based on a willing buyer and willing seller basis. The consideration has taken into account, inter alia, an independent valuation commissioned by the Group, where the investment value placed on the Land was IDR834,301,000,000 (approximately USD62,480,416).
Following the Acquisition, BIC Group became subsidiaries of the Group.
By Order of the Board
GOLDEN AGRI-RESOURCES LTD
Rafael Buhay Concepcion, Jr. Director
7 July 2015
Note: The amount in USD equivalent using the exchange rate as at 6
July 2015 of USD1 = IDR 13,353
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7/7/2015
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