R.E.A. Holdings plc: Further re further investment by DSN in REA Kaltim
March 18, 2024 at 05:10 am
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R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Further re further investment by DSN in REA Kaltim
18-March-2024 / 09:08 GMT/BST
R.E.A. Holdings plc ("REA"or the "company")
Share subscription agreement with PT Dharma Nusantara Satya ("DSN")
As detailed in the company’s circular to shareholders dated 25 January 2024, the company entered into a share subscription agreement with DSN pursuant to which, inter alia, a subsidiary of DSN agreed to subscribe for additional shares in the company’s principal operating subsidiary, PT REA Kaltim Plantations ("REA Kaltim"), so as to increase the DSN group's interest in REA Kaltim from 15 per cent to 35 per cent (the "DSN share subscription").
Further to the company’s announcement on 29 February 2024 regarding satisfaction of all conditions pursuant to the DSN share subscription, REA is now pleased to announce that, in line with expectations, closing has taken place and all immediate financial settlements due on closing have been received.
Enquiries:
R.E.A. Holdings plc
Tel: 020 7436 7877
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The issuer is solely responsible for the content of this announcement.
R.E.A. Holdings plc is a United Kingdom-based company, which is engaged in the cultivation of oil palms in the province of East Kalimantan in Indonesia and in the production and sale of crude palm oil and crude palm kernel oil. It operates through two segments: the cultivation of oil palms and stone and coal interests. It has interests in stone deposits and coal mining concessions, all of which are located in East Kalimantan in Indonesia. Its principal operating subsidiary, PT REA Kaltim Plantations, manages oil palm plantations in Belayan Ulu, a remote area on either side of the Belayan River, a tributary of the Mahakam River in East Kalimantan. It has two methane capture facilities that generate electricity for the majority of its operations and employee housing, as well as supplying power to the villages in the vicinity of the Companyâs operations. Its subsidiaries include Makassar Investments Limited, KCC Resources Limited, REA Finance B.V., and R.E.A. Services Limited.