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KUALA LUMPUR: TDM Bhd and a minority shareholder had proposed to dispose of their entire equity interests in PT Rafi Kamajaya Abadi (RKA) and PT Sawit Rezeki Abadi (SRA) to Ikhasas Sawit Sdn Bhd, a party nominated by Ikhasas CPO Sdn Bhd, for RM115 million.
In a filing with Bursa Malaysia today, it said the disposal consideration was arrived at based on a "willing buyer-willing seller” basis, after taking into consideration, among others, the value of the plantation assets owned by the disposal companies, the rationale and the effects of the proposed disposal, respectively.
Furthermore, the offer from Ikhasas CPO is the only offer that the board has received for the disposal of both RKA and SRA after the TDM conducted another sale process in April 2021.
Premised on the above, the board is of the view that the disposal consideration is justifiable.
"The proposed disposal will enable TDM and its subsidiaries to exit its Indonesian operations and focus its resources on its Malaysian operations.,
"Furthermore, the proposed disposal is in line with TDM’s intention to dispose of the companies as determined by the board in April 2019," it said in the filing.
TDM expects that the gross proceeds from the proposed disposal amounting to RM112 million, will improve the group’s overall cash position and provide the requisite funds for the company to use for repayment of interest bearing borrowings and general working capital.
It also said that there would be no effect on the issued share capital of the company and the substantial shareholders’ shareholdings in the company as the proposed disposal does not involve any issuance of new ordinary shares in the company.
"Barring any unforeseen circumstances and subject to the fulfilment of all the RKA conditions and SRA conditions, the SRA conditional sale and purchase agreement (CSPA) and RKA CSPA are expected to be
completed by the third quarter of 2023 and first quarter of 2025 respectively," it added. - Bernama