According to the group, the proposed disposal constitutes a “major transaction” and is subject to the approval of its independent shareholders.
Samko Timber Limited has entered into a sale and purchase agreement with Sampoerna Forestry Limited for the shares in PT Sumber Graha Sejahtera (PTSGS), Samko Trading (STPL), and Samko Forestry (SFPL) for a sale consideration of $5 million.
STPL and SFPL are wholly owned subsidiaries of the group, comprising 3,860,000 and 100,000 shares, respectively. Meanwhile, PTSGS is a 98.44% owned subsidiary of the group, which directly owns 17,253,487 shares.
