Anglo-Eastern takes full ownership of two Indonesian subsidiaries

4th Oct 2024 12:12

(Sharecast News) - Anglo-Eastern Plantations announced on Friday that it has completed the acquisition of the remaining minority stakes in two of its Indonesian subsidiaries, further consolidating its ownership in the region.

The London-listed company said it had acquired 5% of PT Bangka Malindo Lestari and 0.5% of PT Kahayan Agro Plantation from PT Malindo Plantation Management Services, for a total consideration of $0.4m.

As a result of the transactions, AEP now held 100% of the issued share capital in all of its Indonesian subsidiaries, achieving its objective of full ownership using its cash resources.

The company said it was continuing to focus on operating and developing plantations in Indonesia and Malaysia.

At 1050 BST, shares in Anglo-Eastern Plantations were up 0.75% at 638.74p.

Reporting by Josh White for Sharecast.com.