Dentons HPRP has been acting for Kuala Lumpur Kepong Bhd. (KLK), a leading Malaysian multinational plantation company, in the share acquisition of an Indonesian oil palm company, PT Pinang Witmas Sejati, in a transaction worth RM341.55 million (approximately US$80 million). The parties have executed a Conditional Sale and Purchase Agreement with regard to this transaction. Aimed at boosting KLK’s plantation landbank, the acquisition, once completed, provides KLK with about 14,106ha of a planted oil palm estate in South Sumatra.
In the transaction, which is conducted through its Singapore-based wholly owned subsidiary, Taiko Plantations Pte. Ltd., KLK is looking to acquire the 60% equity interest of Ladang Lekir Sdn. Bhd., a Malaysian oil palm and rubber plantation company, in PT Pinang Witmas Sejati. Ladang Lekir is an indirect wholly owned subsidiary of the Perak State Agricultural Development Corporation.
Maurice Maulana Situmorang, a Partner in Dentons HPRP who has extensive expertise in the plantation industry, led the Dentons HPRP team assisting KLK in the acquisition, and has been assisted by Dinda Triwijanarko (Senior Associate) and Sari Veratiwi, Fradinta Nadya Laksmita, and Carlos William Rettobjaan (Associates).
As a leading law firm with wide-ranging and in-depth knowledge in business and corporate actions, Dentons HPRP has been providing strategic advisory and comprehensive legal assistance to corporations in their business in Indonesia. For more details on our services, please contact the partner listed under the key contact.
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