KUALA LUMPUR: Genting Plantations Bhd plans to acquire two adjacent land parcels totalling 152 hectares in Indonesia for RM593mil from PT Sentul City TBK (PTSC) and its related companies.
In a filing with Bursa Malaysia, the plantation group said its indirect wholly-owned subsidiaries had entered into two conditional sale and purchase agreements (SPAs) for the proposed acquisition.
The first SPA is between PT Genting Properti Abadi and PTSC, PT Aftanesia Raya, and PT Primatama Cahaya Sentosa for the acquisition of an 80-hectare parcel of land within the Sentul City township, Bogor Regency, West Java Province, in Greater Jakarta for RM509.8mil cash.
The second SPA between PT Genting Properti Jaya (PT GPRJ) and the vendors for the purchase of an adjacent 72-ha parcel of land for RM83.2mil.
Genting Plantations said the aggregate purchase consideration for the acquisitions amounted to 2,052 billion rupiah (about RM593mil).
“The proposed acquisitions provide the opportunity for Genting Plantations, through its indirect wholly-owned Indonesian subsidiaries to undertake property development-related activities in line with the objective of its Indonesian expansion.
“In doing so, Genting Plantations will be able to establish its presence in the Jakarta property market which may offer other opportunities to further its Indonesian expansion initiative,” it said.
