The purchase price 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.
First Resources says the addition of these plantation assets marks a significant step in its expansion strategy. “This acquisition not only enhances the company’s operational footprint in the plantation industry but also aligns with its commitment to sustainable and profitable growth.”
The company anticipates that the integration of these assets will yield operational synergies and contribute positively to its overall performance, reinforcing the its position in the market and enhancing shareholder value.
The acquisition was funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the company for the FY2023 ended Dec 31, 2023.
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Shares in First Resources closed 1 cent higher or 0.68% up at $1.49 on Jan 17.
