OHB unit gets ministry nod to buy PT SSL for RM2.84m
Published on: Friday, February 12, 2016
Kuala Lumpur: Oriental Holdings Bhd's (OHB) unit OBS Pte Ltd has received approval from Indonesia's Ministry of Law and Human Rights to acquire PT Sumatera Sawit Lestari (PT SSL) for RM2.84 million.OBS, which is involved in investments and granting of loans, is a wholly-owned subsidiary of Oriental Boon Siew (Mauritius) Pte Ltd, which in turn is a 50.5 per cent subsidiary of OHB.In a filing to Bursa Malaysia Thursday, OHB said the cash transaction follows a share subscription agreement entered into with PT Tradisi Bina Usaha and Saksono Benjamin.
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PT SSL, whose principal activity is cultivation of palm oil, has a land concession of 8,000 hectares in the regency of Musi Rawas Utara, South Sumatera province."The acquisition is consistent with OHB's strategic plan to expand its planted land holdings in Indonesia. Stay up-to-date by following Daily Express’s Telegram channel.
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