Kulim to inject RM142.48mil into Indonesian subsidiary

KUALA LUMPUR: Kulim (M) Bhd plans to inject a total of RM142.48mil into its Indonesian subsidiary PT Wisesa Inspirasi Nusantara (PT WIN) under a corporate exercise.

Kulim said on Monday US$25.30mil (RM84.11mil) would be injected into its 74% owned PT WIN as working capital to buy plantation land. The remaining 26% stake in PT WIN wouldl be held by PT Graha Sumber Berkah (PT GSB).

It also received the Indonesian regulator's approval to transfer 3.326 million PT WIN shares from PT GSB and 1,000 PT WIN shares from Raden Wisik Tomo Siddi - who is a director of PT WIN --  for US$17.14m (RM56.98mil).

The regulator also allowed the issuance of 4.99 million new PT WIN shares to be subscribed by Kulim for RM1.37mil.