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

Anglo-Eastern PlantationsAnnouncement

30/11/2023 09:30

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RNS Number : 2164V  Anglo-Eastern Plantations PLC  30 November 2023

30 November 2023

 

Anglo-Eastern Plantations Plc

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

 

Consolidation of AEP's Holdings in Its Indonesian Subsidiaries

 

AEP is pleased to announce the completion of the acquisitions of the minority
interests in the following Indonesian subsidiaries, from PT Marison Nauli
Ventura ("MNV") for a total cash consideration of US$60 million.

 

·    20% of the issued share capital of PT Tasik Raja ("Tasik"),

·    20% of the issued share capital of PT Hijau Pryan Perdana ("HPP"),

·    20% of the issued share capital of PT Bina Pitri Jaya ("BPJ"),

·    10% of the issued share capital of PT Alno Agro Utama ("Alno") and

·    25% of the issued share capital of PT Musam Utjing ("MU").

 

Following these transactions, the Company now wholly-owns Tasik, HPP, BPJ,
Alno and MU.

 

The purchase of the minority interests in these five 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 acquisitions of the minority interests in Tasik, HPP, BPJ, Alno and MU is
expected to enhance future earnings per share as it no longer has to apportion
retained profits to MNV going forward.

 

As at 31 December 2022, the gross assets of each of the following subsidiaries
were approximately:

·    Tasik
           US$170.9 million

·    HPP
           US$34.7 million

·    BPJ
           US$156.6 million

·    Alno
                                  US$102.5
million

·    MU
                                      US$44.6
million

 

The profits before tax of the following subsidiaries for the year ended 31
December 2022
were:

·
Tasilk
US$25.9 million

·
HPP
US$6.0 million

·
BPJ
US$24.5 million

·
Alno
US$20.4 million

·
MU
  US$3.7 million

 

Under the FCA Listing Rules, the acquisition of shares of the non-controlling
interests in Tasik, HPP, BPJ, Alno and MU 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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