GOLDEN AGRI-RESOURCES LTD 11/20/2020 | Change - Change in Corporate Information::New Subsidiaries |
CHANGE - CHANGE IN CORPORATE INFORMATION::NEW SUBSIDIARIES
Issuer
Issuer/ Manager
GOLDEN AGRI-RESOURCES LTD
Announcement Details
Announcement Title
Change - Change in Corporate Information
Date &Time of Broadcast
20-Nov-2020 17:56:02
Status
New
Announcement Sub Title
New Subsidiaries
Announcement Reference
SG201120OTHRJF94
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to announce the following:
(1) CENTRINO INVESTMENT LIMITED
The Group has entered into a Conditional Acquisition Agreement to acquire 100% of the issued shares of Centrino Investment Limited, a company incorporated in Labuan ("Centrino" and together with its subsidiaries, the "Centrino Group"). The principal activity of the Centrino Group is that of oil palm cultivation and palm oil production in Indonesia.
The purchase consideration of USD 208 million was determined on a willing-buyerwilling-seller basis after taking into consideration the net asset value based on market valuation of the Centrino Group, and will be fully settled by the outstanding debt receivable owing by Centrino's holding company, Ocean Energy Holdings Limited to the Group.
(2) WOODSIDE FINANCIAL LIMITED
The Board refers to the Group's investment of USD 96 million in Ascend Agri Fund Limited (the "Fund"). The Fund had been established to develop oil palm plantations in Indonesia ("Indonesia Assets").
11/20/2020 | Change - Change in Corporate Information::New Subsidiaries |
The Board wishes to update that the Group has accepted an offer from the Fund to redeem its investment by means of a distribution of the Indonesia Assets, which comprises 100% of the issued shares of Woodside Financial Limited, an investment holding company incorporated in Labuan ("Woodside" and together with its subsidiaries, the "Woodside Group"). The principal activity of the Woodside Group is that of oil palm cultivation and palm oil production in Indonesia.
The redemption consideration of USD 96 million was determined on a willing-buyerwilling-seller basis after taking into consideration the net asset value based on market valuation of the Woodside Group. The offer to redeem the Group's investment in the Fund means a distribution in species by the Fund of 100% of the issued shares of Woodside, presently held by the Fund.
After both the transactions above, Centrino and the Centrino Group; Woodside and the Woodside Group will become subsidiaries of the Company. The sellers involved in the transactions are unrelated parties.
By Order of the Board
GOLDEN AGRI-RESOURCES LTD
Rafael Buhay Concepcion, Jr.
Director
20 November 2020
Place Of Incorporation
Existing
Mauritius
New
Subsidiary
Existing
NA
New
- Centrino Investment Limited and its subsidiaries; and (2) Woodside Financial Limited and its subsidiaries
Registered Address
Existing | New | |
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Disclaimer
gar - Golden Agri-Resources Ltd. published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 10:14:02 UTC
