JAKARTA: Malaysian businessman Tan Sri Robert Kuok Hock-Nien has acquired a 47.23% stake in PT Pan London Sumatera Plantation (Lonsum), Bisnis Indonesia reported, citing an unnamed source.
It quoted the source as saying that Kuok had purchased the stake from Andre Pribadi, though he could not confirm the value of the transaction.
The company had previously indicated that it was in talks with potential investors for capital injection to help it restructure its US$260mil debt.
Lonsum also plans a debt-to-equity settlement and a bond issue next year.
Lonsum produces crude palm oil, rubber and tea, controlling a plantation area of 65,949ha in Sumatra, Java, east Kalimatan and south Sulawesi. AFX