TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS UPDATE ON PROPOSED JOINT VENTURE FOR OIL PALM CULTIVATION IN KABUPATEN KETAPANG, PROVINSI KALIMANTAN BARAT, REPUBLIC OF INDONESIA ("JV") - Proposed disposal of 95% equity interest in PT Permata Sawit Mandiri ("PT PSM") to PT Suryaborneo Mandiri ("PT SBM" or the "Purchaser") for a total cash consideration of USD3,190,000 ("Proposed Disposal")

GENTING PLANTATIONS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
UPDATE ON PROPOSED JOINT VENTURE FOR OIL PALM CULTIVATION IN KABUPATEN KETAPANG, PROVINSI KALIMANTAN BARAT, REPUBLIC OF INDONESIA ("JV")
- Proposed disposal of 95% equity interest in PT Permata Sawit Mandiri ("PT PSM") to PT Suryaborneo Mandiri ("PT SBM" or the "Purchaser") for a total cash consideration of USD3,190,000 ("Proposed Disposal")

We refer to our announcement dated 25 January 2017 in relation to the Proposed Disposal. All abbreviations used herein shall have the same meaning as those previously used in the aforesaid announcement unless otherwise specified.


The Board of Directors of Genting Plantations Berhad ("GENP") wishes to announce that all conditions precedents have been fulfilled in respect of the SPA dated 25 January 2017 in relation to the Proposed Disposal. Consequently, the Proposed Disposal is completed today in accordance with the terms of the SPA.


Following the completion of the Proposed Disposal, PT PSM has ceased to be an effective 70% owned indirect subsidiary of GENP.


This announcement is dated 16 March 2017.






Announcement Info

Company Name GENTING PLANTATIONS BERHAD
Stock Name GENP
Date Announced 16 Mar 2017
Category General Announcement for PLC
Reference Number GA1-16032017-00040