Genting Plantations sells indirect Indonesian subsidiary

Moody's outlook on the Korean banking system has been negative since May 2016.

KUALA LUMPUR: Genting Plantations Bhd’s (GenP) indirect subsidiary, Palma Citra Investama Pte Ltd (PCitra), is disposing 95% equity interest in PT Permata Sawit Mandiri (PT PSM) for US$3.19mil (RM14.14mil).

In a filing with Bursa Malaysia on Wednesday, it said PCitra had entered into a sale and purchase agreement with PT Suryaborneo Mandiri (PT SBM).

PT PSM has been issued with a location permit and plantation business license for 17,022ha in Kabupaten Ketapang, Kalimantan Barat, but its land has not been cultivated with oil palm.

“Upon completion of the proposed disposal, PT PSM will cease to be an indirect 70% owned subsidiary of GenP.

“The cash proceeds from the sale share price are intended to be used by PCitra to partly settle amounts owing to its holding company, PalmIndo Holdings Pte Ltd, and towards funding the joint-ventures plantation development activities when required,” it said, adding that the disposal would not have any material effect on the earnings of the GenP group. - Bernama

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