01-03-2006:
1/3/06 (The Edge Daily) - TSH Resources Bhd is acquiring a 100% shareholding in an Indonesian oil palm plantation company PT Teguh Swakarsa Sejahtera, which owns 17,000 ha of land in East Kalimantan, for one billion rupiah (RM402,000) cash.

It would also assumed 23.2 billion rupiah (RM9.32 million) in liabilities.

Announcing the deal on March 1, TSH said its 70% owned Indonesian subsidiary PT Andalas Agro Industri would acquire 999,999 shares of 1,000 rupiah (40 sen) each in PT Teguh Swakarsa Sejahtera. Another 60% owned subsidiary PT Andalas Wahana Berjaya would also buy one share of 1,000 rupiah in PT Teguh Swakarsa Sejahtera.

It would fund the acquisition via internal funds.

TSH Resources said PT Teguh Swakarsa Sejahtera’s net tangible liabilities amounted to 2.7 billion rupiah (RM1.08 million).

“The acquisition of PT Teguh Swakarsa Sejahtera presents an opportunity for TSH Resources to expand its oil palm plantation activities in Indonesia. It is also part of a long term strategic plan for the company, which has investments in oil palm plantation and palm oil mill in Padang, West Sumatra,” it added.