TDM Bhd will acquire a 95% stake in Indonesian plantation firm PT Sawit Rezki Abadi (PTSRA) for RM129,986 from two parties – Bapak H Rahman (BHR) and Bapak H Andri (BHA). TDM said it would pay 80% of the purchase consideration for PTSRA no later than 60 days from the date of the closing shares purchase agreement. The remaining 20% will be retained by TDM within five years after the closing date to guarantee the payment by BHR and BHA of any potential liabilities, costs, expenses and damages that may be incurred by TDM under the agreement. According to the announcement, BHR will retain 25 of the 350 shares it currently holds. Upon completion, TDM will hold a 95% stake in PTSRA while the remaining 5% will be held by BHR. This is following the signing of the third supplemental agreement that TDM signed with BHR to incorporate a new joint-venture (JV) company, PT Rafi Sawit Lestari (PTRSL), as well as 20,000ha of plantation land.
Posted on: Thu, 17 Jul 2014 10:38:07 +0000
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