The consideration amount was arrived at based on the auction reserve price, which was set by Bank BRI after taking into consideration the most recent valuation performed by its appointed independent appraiser.
In its announcement, the group said that this acquisition marks a significant step in its expansion strategy. It not only enhances its operational footprint in the plantation industry but also aligns with its commitment to sustainable and profitable growth.
The group anticipates that the integration of these assets will yield operational synergies and contribute positively to its overall performance, reinforcing the Company’s position in the market and enhancing shareholder value.
This acquisition was funded by internal resources and not expected to have any material impact on the group’s FY2023 ended Dec 31, 2023, financials.
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Shares in First Resourcesclosed at $1.44 on Jan 5.
