KLK (2445) : KL Kepong in joint venture to set up palm oil refinery in East Kalimantan
KUALA LUMPUR (Nov 21): Kuala Lumpur Kepong Bhd (KLK) has signed a conditional share subscription agreement to subscribe for 50,400 shares or 63% stake in Indonesia's PT Perindustrian Sawit Synergi for RM13.8 million.
The proposed transaction is part of KLK's expansion strategy of its palm oil downstream businesses in East Kalimantan, Indonesia.
"The remaining 32% and 5% equity interest in Perindustrian Sawit Synergi will be held by IJM Plantations Bhd's wholly-owned subsidiary Gunaria Sdn Bhd and Mujib Moosa Modak respectively," the plantation group said in a filing with Bursa Malaysia today.
The three parties will collaborate through Perindustrian Sawit Synergi to primarily focus on establishing a palm oil refinery and other downstream businesses in East Kalimantan.
The proposed transaction is slated for completion in the last quarter of 2015.
http://www.theedgemarkets.com
KUALA LUMPUR (Nov 21): Kuala Lumpur Kepong Bhd (KLK) has signed a conditional share subscription agreement to subscribe for 50,400 shares or 63% stake in Indonesia's PT Perindustrian Sawit Synergi for RM13.8 million.
The proposed transaction is part of KLK's expansion strategy of its palm oil downstream businesses in East Kalimantan, Indonesia.
"The remaining 32% and 5% equity interest in Perindustrian Sawit Synergi will be held by IJM Plantations Bhd's wholly-owned subsidiary Gunaria Sdn Bhd and Mujib Moosa Modak respectively," the plantation group said in a filing with Bursa Malaysia today.
The three parties will collaborate through Perindustrian Sawit Synergi to primarily focus on establishing a palm oil refinery and other downstream businesses in East Kalimantan.
The proposed transaction is slated for completion in the last quarter of 2015.
http://www.theedgemarkets.com
