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First Resources raises investment in subsidiary by S$37.7m

PALM oil producer First Resources on Friday said it is raising its investment in subsidiary PT Borneo Ketapang Permai (PT BKP) via a 393.57 billion rupiah (S$37.7 million) subscription for another 393.6 million shares.

Meanwhile, its indirect subsidiary PT Subur Arum Makmur will also subscribe for 20.7 million shares in PT Borneo Ketapang Permai for 20.71 billion rupiah.

Following the subscription, the shareholdings of First Resources and PT Subur Arum Makmur in PT BKP will remain unchanged at 95 per cent and 5 per cent respectively.

First Resources said the transactions were funded by a combination of internal resources and the capitalisation of intercompany loans. They are not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current fiscal year ending Dec 31.

The group added that the transactions also do not constitute disclosable transactions under Chapter 10 of the SGX's listing manual.