Eagle High Plantation sells its subsidiary for IDR 10 billion
JAKARTA. PT Eagle High Plantation Tbk (BWPT) has sold its entire shares planted in one of its subsidiaries, PT Prima Cipta Selaras, for IDR 10 billion in total.
Melanie Tantri, Corporate Secretary of BWPT, confirmed that BWPT’s entire portion in Prima Cipta Selaras was transferred to PT Sawit Gemilang Abadi. “The buying party is not our affiliate,” she clarified in the information disclosure in Indonesia Stock Exchange (IDX) earlier today (30/11).
On the same occasion, Tantri also said that the divestment of Prima Cipta Selaras is intended to create more effective and efficient operational activities of BWPT. Additionally, selling ts subsidiary would improve the cash flow and relieve BWPT from debt banks.
Based on idnfinancials.com data, PT Rajawali Capital International still controlled 37.70% of BWPT until September 2021. Meanwhile, FIC Properties Sdn Bhd claimed another 37%, while public investors shared the remaining 25.30%. (KR/ZH)