JAKARTA (Yosefardi) – PT Mutiara Agam (MAG), subsidiary of plantation company PT Provident Agro Tbk (PALM), has acquired PT Inti Global Laksana (IGL) from PT Provident Indonesia (PI). IGM and PI are affiliated to PALM.
The acquisition, including transfer of the promissory notes and rights to absorb new shares issued by IGL and PT Banyan Tumbuh Lestari (BTL), is valued for Rp123.73 billion.
IGL also has 12,000 hectares of palm plantation in Pohuwato, Gorontalo, North Sulawesi. While BTL has 16,000 hectares of palm plantation, also located in Pahuwato.
PALM had raised Rp887.04 billion through issuing 2.1 billion new shares (rights issue), partly to fund acquisition by MAG over IGL.
The rest of proceeds will be used to settle part of liabilities related to the acquisition over PT Nusaraya Permai and PT Alam Permai, acquired in May 2012 transferred by PT Hamparan Karunia Nusantara to Provident Capital Indonesia.