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Jakarta Post

Provident Agro to divest oil palm units ahead of moratorium

  • The Jakarta Post

Jakarta   /   Thu, July 14 2016   /  08:04 am

In the wake of the government’s plan to impose a moratorium on new oil palm plantation licenses, publicly listed plantation firm Provident Agro has announced a plan to sell millions of shares in four subsidiaries for up to Rp 2.7 trillion (US$206.1 million) in an effort to provide more capital to finance its operations and future expansion.

The company, jointly owned by investment firms Saratoga Sentra Business and Provident Capital Indonesia, will sell its shares in West Kalimantan-based firms, namely Global Kalimantan Makmur (2.2 million shares), Semai Lestari (100,000 shares), Nusaraya Permai (40,000 shares) and Saban Sawit Subur (200,000 shares).

The company claimed that Central Java-based plantation firm Galanggang Maju Bersama (GMB) was ready to buy the offered shares of Global Kalimantan Makmur and Semai Lestari, worth a total of Rp 2.125 trillion based on the cal...