Palma Serasih Acquires Ownership of Two Oil Palm Subsidiaries Worth US$60 Million

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Illustration of oil palm plantation. Photo by: Sawit Fest 2021 / Aceng Sofian

PALMOILMAGAZINE, JAKARTA – On November 23, 2023, PT Palma Serasih Tbk (PSGO) successfully acquired two of its palm oil subsidiaries, Agro Bumi Kaltim and Nusantara Agro Sentosa, for approximately US$60 million.

The transaction was carried out based on Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (Jisdor) on October 31, 2023, which was IDR 15,897 per US dollar.

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Furthermore, 100 percent of Agro Bumi Kaltim shares were sold at Rp 396.68 billion, while 100 percent of Nusantara Agro Sentosa shares were sold at Rp 177.95 billion. The total funds obtained from the sale of these shares amounted to IDR 574.64 billion, according to the financial records of the two subsidiaries as of June 2023.

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As of the end of June 2023, Nusantara Agro Sentosa reported assets of around IDR 225.078 billion, with liabilities of IDR 143.3 billion and equity of IDR 81.7 billion. Similarly, Agro Bumi Kaltim’s total assets reached Rp 396.06 billion, with liabilities of Rp 266.33 billion and equity of Rp 129.7 billion.

By the late of June 2023 Nusantara Agro Sentosa got assets about Rp 225,078 billion, with the obligation Rp 143,3 billion and equity Rp 81,7 billion. The total assets of Agro Bumi Kaltim reached Rp 396,06 billion with the obligation Rp 266,33 billion and equity Rp 129,7 billion.

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As quoted from EmitenNews.com, public assessment reported that 100 percent equity of market assessment of Agro Bumi Kaltim reached Rp 369,83 billion, and 100 percent equity of market assessment of Nusantara Agro Sentosa reached Rp 165,62 billion. The analysis showed that the transaction of the turnover was normal.

As in the official statement, PSGO claimed that the turnover of the two palm oil plantation subsidiaries would be positive for the company, reinforcing the cash flow and capital to support the plans of investment, and accelerating the business development. The company also planned to use the fund in expanding area investment. PSGO firmly mentioned that the asset turnover is material only, not as affiliation transaction, or conflict of interests. (T2)

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