The purchase price was arrived at based on the auction reserve price, which was set by Bank BRI after taking into consideration the most recent valuation performed by its appointed independent appraiser.
First Resources Limited’s (SGX:EB5
) indirect subsidiary, PT Karya Tama Bakti Mulia, has successfully bid for the acquisition of plantation assets held by PT Tri Bakti Sarimas for a cash consideration of IDR1.9 trillion ($164.9 million) on Jan 17.
The assets comprise mills, plantations and unplanted land bank covering a total site area of approximately 17,600 hectares located in Riau Province, Indonesia, and was concluded on 28 Dec 28, 2023 via a public auction.
