On March 18, First Resources also announced that it was acquiring 3.06 billion shares representing a 91.17% stake in PT Austindo Nusantara Jaya for US$329.8 million. A conditional shares purchase agreement was entered between First Resources’ majority-owned subsidiary, PT Ciliandra Perkasa and PT Austindo Kencana Jaya, PT Memimpin Dengan Nurani, Sjakon George Tahija and George Santosa Tahija on the same day.
Maybank Securities analyst Ong Chee Ting has downgraded First Resources (SGX:EB5
) to “hold” from “buy” after he sees limited upside to his unchanged target price of $1.69.
Shares in the company surged after it announced its FY2024 results on Feb 28, to close at $1.66 on March 18. For the FY2024 ended Dec 31, 2024, First Resources’ earnings surged by 69.1% y-o-y to US$245.8 million ($327.8 million) due to record production and higher crude palm oil (CPO) prices.
