First Resources : Announcement pursuant to Rule 706A of the Listing Manual

Asset Acquisitions and Disposals::Announcement pursuant to Rule 706A of the Listin... Page 1 of 1

ASSET ACQUISITIONS AND DISPOSALS::ANNOUNCEMENT PURSUANT TO RULE 706A OF THE LISTING MANUAL

Issuer & Securities

Issuer/ Manager

FIRST RESOURCES LIMITED

Securities

FIRST RESOURCES LIMITED - SG1W35938974 - EB5

Stapled Security

No

Announcement Details

Announcement Title

Asset Acquisitions and Disposals

Date &Time of Broadcast

13-Aug-2021 06:25:00

Status

New

Announcement Sub Title

Announcement pursuant to Rule 706A of the Listing Manual

Announcement Reference

SG210813OTHRJYIV

Submitted By (Co./ Ind. Name)

Chester Leong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

Please see attached.

Attachments

Announcement_pursuant_to_Rule_706A_of_the_Listing_Manual_13_August_2021.pdf

Total size =35K MB

https://links.sgx.com/1.0.0/corporate-announcements/N4U8989OIJ6YPEQ1/7dc4c1e1... 13/08/2021

FIRST RESOURCES LIMITED

(Incorporated in Singapore)

(Company Registration No. 200415931M)

ANNOUNCEMENT PURSUANT TO RULE 706A OF THE LISTING MANUAL

Pursuant to Rule 706A of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"), the Board of Directors of First Resources Limited (the "Company") wishes to announce the following transactions that occurred during the half year ended 30 June 2021:

1. PT Limpah Sejahtera ("PT LS")
   PT Borneo Ketapang Permai ("PT BKP"), a direct subsidiary of the Company, along with PT Pancasurya Agrindo ("PT PSA"), an indirect subsidiary of the Company, have reduced their investments in PT LS through the cancellation of 2,552,574,538 shares for proceeds of IDR 2.55 trillion (approximately US$184.0 million) and 134,970,928 shares for proceeds of IDR 134.97 billion (approximately US$9.7 million) respectively, which were based on par value per share of IDR 1,000. After the capital reduction, the shareholdings of PT BKP and PT PSA in PT LS remain unchanged at 94.62% and 5.00% respectively.
2. PT Setia Agrindo Jaya ("PT SAJ")
   PT PSA has increased its investment in PT SAJ through the subscription of 594,686,000 shares for a consideration of IDR 594.69 billion (approximately US$40.6 million), which was based on par value per share of IDR 1,000. After the subscription, the shareholding of PT PSA in PT SAJ increased from 99.63% to 99.74%.
3. PT Setia Agrindo Mandiri ("PT SAGM")
   PT SAJ has increased its investment in PT SAGM through the subscription of 264,165,000 shares for a consideration of IDR 264.17 billion (approximately US$18.0 million), which was based on par value per share of IDR 1,000. After the subscription, the shareholding of PT SAJ in PT SAGM remains substantially unchanged at 99.99%.
4. PT Citra Palma Kencana ("PT CPK")
   PT SAJ has increased its investment in PT CPK through the subscription of 90,856,000 shares for a consideration of IDR 90.86 billion (approximately US$6.2 million), which was based on par value per share of IDR 1,000. After the subscription, the shareholding of PT SAJ in PT CPK remains substantially unchanged at 99.99%.
5. PT Pancasurya Garden ("PT PSG")
   PT PSA has increased its investment in PT PSG through the acquisition of 1,250,000 shares for a consideration of IDR 1.25 billion (approximately US$89,000), which was based on par value per share of IDR 1,000. After the acquisition, the shareholding of PT PSA in PT PSG increased from nil to 0.64%, while that of PT Ciliandra Perkasa ("PT CLP"), a direct subsidiary of the Company, in PT PSG remains unchanged at 99.36%.

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1. PT Wahana Prima Sejati ("PT WPS")
   PT PSA has increased its investment in PT WPS through the acquisition of 1,000,0000 shares for a consideration of IDR 933 million (approximately US$65,000), which was based on par value per share of IDR 933. After the acquisition, the shareholding of PT PSA in PT WPS increased from nil to 0.84%, while that of PT CLP in PT WPS remains unchanged at 99.16%.
2. First Resources Trading Pte. Ltd. ("FRT")
   The Company has increased its investment in FRT through the subscription of 80,000,000 ordinary shares for a consideration of US$80.0 million. Following the subscription, FRT remains as a direct wholly-owned subsidiary of the Company.

The above transactions were funded by a combination of internal resources and capitalisation of intercompany loans, and are not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2021.

BY ORDER OF THE BOARD

FIRST RESOURCES LIMITED

Chester Leong

Company Secretary

13 August 2021

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