Halcyon Agri completes purchase of 4 Indonesian rubber factories for lowered S$86.8m
MAINBOARD-LISTED Halcyon Agri Corporation has completed the acquisition of four Indonesian rubber factories for S$86.75 million, lower than the initially indicated S$105.3 million.
On Monday, the natural rubber supplier said that the amount had been adjusted. Under terms disclosed in previous announcements in December and January, the company had said that the purchase price was subject to due diligence findings.
The deal came out of a memorandum of understanding in December between Halcyon Agri and vendors Liauw Chiang Sioe and Sjahrir Iskandar to buy the entire stake in PT Sumber Djantin (PTSD) and PT Sumber Alam (PTSA). The targets own four crumb rubber factories in West Kalimantan, Indonesia.
PTSD and PTSA are now indirectly wholly owned subsidiaries of Halcyon Agri.
If the acquisition had been completed at end-fiscal 2017, the company's net asset value as at Dec 31, 2017 would have been US$662.6 million instead of US$637.4 million. The adjusted net tangible asset per share would have been 41.54 US cents, or 55.25 Singapore cents, instead of 39.96 US cents, or 53.15 Singapore cents.
Halcyon Agri last traded at S$0.57 on April 19.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hong Kong crypto ETF launches will test ambition to be digital-asset hub
CapitaLand Ascott Trust’s Q1 gross profit rises 15%
Mattel posts narrower loss, thanks to Hot Wheels growth and lower costs
Tesla to cut more than 6,000 jobs across Texas, California
Visa results beat expectations on strong consumer spending trends
Starbucks set for talks with unionised US stores