Samko Timber to invest US$20.7m in Indonesia firm

Singapore

MAINBOARD-LISTED Samko Timber's unit PT Sempurna Graha Abadi (SGA) will buy a 51 per cent stake in PT Sumber Graha Maluku (SGM) for up to US$20.7 million from PT Barito Wanabinar Indonesia (BWI).

SGM, which was incorporated in March 2019, does not yet have a business. Under the deal, SGM will become an asset-holding vehicle that will acquire industrial plantations, forest concession rights of about 59,138 hectares in Indonesia, licences, plywood factories and other assets.