REG - Anglo-Eastern Plant - Consolidation of Holdings-Indonesian Subsidiaries

AEP PlantationsAnnouncement

12/07/2023 07:00

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RNS Number : 7722F  Anglo-Eastern Plantations PLC  12 July 2023

12 July 2023

 

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

 

Consolidation of AEP's Holdings in Its Indonesian Subsidiaries

 

AEP is pleased to announce the acquisition of the 25% of the issued share
capital of PT United Kingdom Indonesia Plantations ("Ukindo") and the 10% of
the issued share capital of PT Mitra Puding Mas ("MPM"), from PT. Canadianty
Corporindo, the minority shareholder in Indonesia, for a total cash
consideration of US$25.2million.

 

Following this transaction, the Company now wholly-owns both the Ukindo and
MPM subsidiaries. The purchase of the minority interests in these two
subsidiaries is in line with the Group's stated strategy of consolidating
AEP's holdings in its Indonesian subsidiaries with the Group's cash resources,
as reported in our 2022 Annual Report.

 

The acquisition of the minority interests in Ukindo and MPM is expected to
enhance future earnings as it reduces non-controlling interests in these
profitable companies.

 

As at 31 December 2022, the gross assets of Ukindo and MPM were approximately
US$58.5 million and US$164.5 million respectively and the profits before tax
for the year then ended were approximately US$11.6 million and
US$37.3 million, respectively.

 

Under the FCA Listing Rules, the acquisition shares of the non-controlling
interests in Ukindo and MPM constitute a Class 2 transaction and, as such,
this announcement is made in accordance with AEP's disclosure obligations
pursuant to Chapter 10 of the FCA Listing Rules.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

The person responsible for this announcement is Dato' John Lim Ewe Chuan,
Executive Director.

 

For further enquiry, contact:

Anglo-Eastern Plantations Plc

Dato' John Lim Ewe
Chuan
+44 (0)20 7216 4621

 

 

Panmure Gordon (UK) Limited

Dominic Morley / Amrit Mahbubani
                                                      +44
(0)20 7886 2500

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