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Last Updated : 25 October, 2018 | 9:25

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27 August 2018

Completion of the Acquisition of PT Wana Rindang Lestari (Sulawesi Project)

The Company is pleased to announce that the proposed acquisition of 60% effective equity interest in PT Wana Rindang Lestari through a purchase of 425,001 ordinary shares in Clifton Cove Pte Ltd representing 100% equity interest of the issued and paid-up share capital of Clifton Cove Pte Ltd for a total cash consideration of USD7,190,400 has been completed on 27 August 2018. With this completion of acquisition, UMB now effectively hold 100%, 65% and 60% equity interest in Clifton Cove Pte Ltd, PT Bintang Gemilang Permai and PT Wana Rindang Lestari respectively. PT Wana Rindang Lestari holds a concession right to develop about 59,920 hectares of land within an industrial plantation forest area located in Central Sulawesi, Indonesia