KUALA LUMPUR:
Boustead Holdings Bhd has proposed to dispose of a 95% stake in
PT Dendymarker Indahlestari to
PT Agro Investama Gemilang (PTAIG) for US$38mil (RM119.53mil) cash.
In a filing with
Bursa Malaysia, Boustead said its unit
Bounty Corp Sdn Bhd
and Supriadi Zainal had signed a sale and purchase agreement with PTAIG
on the stake sale. Under the agreement, Bounty Corp would dispose of
710,326 shares or 94.7% and Supriadi the other 0.3% to PTAIG.
Boustead said that US$4mil (RM12.5mil) shall be paid upon execution of the sale and purchase agreement.
PTAIG would pay the balance US$34mil (RM106.9mil) to the vendors upon completion of the agreement.
Bounty
Corp and PTAIG had also entered into a put and call option agreement
for a further 37,504 shares at an exercise price of US$2mil (RM6.3mil).
“The proposed disposal will benefit the
Boustead Group as the group intends to focus on its oil palm operations in Malaysia,” it said.
