GCCP Resources inks agreement to buy palm oil grower in RTO deal

Singapore

CRUSHED limestone producer GCCP Resources has entered a non-binding Memorandum of Understanding (MoU) to fully acquire an Indonesian palm oil producer for S$220.3 million, resulting in a reverse takeover (RTO) of the Catalist-listed firm.

The target company is Arjuna Utama Sawit, which owns 53,000 hectares of oil palm plantations in Central Kalimantan, Indonesia. It grows oil palm, harvests fresh fruit bunches and mills them into crude palm oil (CPO) and palm kernel (PK).