JAKARTA – A palm oil plantations company, PT Sawit Sumbermas Sarana Tbk (SSMS), through it subsidiary, PT Kalimantan Sawit Abadi, acquisitions a hudred percent shares of PT Tanjung Sawit Abadi and PT Sawit Multi Utama. The acquisition value reaches US$ 129 million or RP 1,5 trillion.
SSMS take over both of companies from Citra Borneo Indah, that as also the shareholder of the company. By that, the acquisition is affiliated transaction. Also the Conditional Share Purchase Agreement (CSPA) has been signed on 18th November 2014.
SSMS Management said, the company plans to continue in spreading palm oil plantation areas in order to fulfill high demand of CPO products in the future, the increasing of palm oil and its refined products demand such are CPO, palm kernel, and palm kernel oil proportioned with the increasing of world population.
“By the acquisition, the company’s palm oil plantation total areas will be 110.518 hectares. For now, the company still managing plantations by area total in 78.071 hectares,” said SSMS management in its official statement, quoted by Investor Daily. (T3)
