KUALA LUMPUR (Yosefardi) – Genting Berhad said its unit Newquest Resources Pte Ltd had in July 18, 2014 acquired 95% equity interest in PT Varita Majutama.
Newquest, an indirect wholly-owned subsidiary of Genting Berhad has on 18 July 2014, completed the acquisition of 2 ordinary shares of RM1.00 each representing the entire issued and paid-up share capital in Lion Agriculture (Indonesia) Sdn Bhd (formerly known as LFIB Plantations Sdn Bhd) (LAI) from Akurjaya Sdn Bhd (Akurjaya) for a cash consideration of RM2.00 and a sum of USD6.9 million for taking over the existing shareholder loans extended to LAI (Acquisition).
LAI has also on 18 July 2014, completed the acquisition of 95% equity interest comprising 17,100 ordinary shares of Indonesia Rp. 1,000,000 each in PT Varita Majutama (PTVM), an Indonesian company which has interest in approximately 52,000 hectares of plantation land in West Papua, Indonesia for a cash consideration of USD1.9 million and a sum of USD52.7 million for taking over the existing shareholder loans extended to PTVM.