19 Feb DSNG Shareholders Approved Acquisition of Plantation Company
JAKARTA, DECEMBER 10, 2018 – The shareholders of PT Dharma Satya Nusantara Tbk (the “Company”, “DSNG”) have approved for the Company’s proposal to acquire 100% shares of plantation companies, PT Bima Palma Nugraha and PT Bima Agri Sawit, with proposed calculation price of Rp2.1 trillion.
The shareholder approval was decided at the Extraordinary General Meeting of Shareholders (“EGM”) of the Company held on Monday, December 10, 2018 at the Grand on Thamrin 1 Room, Pullman Hotel, Jalan M.H. Thamrin No. 59, Jakarta 10350.
The EGM which was attended by the Board of Commissioners and Directors of the Company examined two Agenda namely Approval on changes in the composition of the Company’s management and the Second Agenda concerning approval for the Company’s proposal to acquire the plantation company which was deemed as Material Transaction.
As stated by the Company in Amendments and / or Additions to the Information Disclosure on Material Transactions on December 6, 2018, the Company will acquire 100% of PT Bima Palma Nugraha (BPN) with the proposed calculation price of Rp 1.4 trillion, by considering the total affiliated parties and bank loans of BPN at the transaction’s closing date. The Company also will acquire 100% of PT Bima Agri Sawit (BAS) with proposed calculation price of Rp 700 billion, by considering the total affiliated parties and bank loans of BAS at the transaction’s closing date.
In addition, the EGM alsoapproved the resignation of Mr. Adi Susanto from his position as Commissioner of the Company. Mr. Adi Susanto has joined the Company as a Commissioner since 2011.
Furthermore, the EGMS also appointed Ms. Jenti as a new member of Board of Directors of the Company with a tenure until the fifth Company’s Annual General Meeting of Shareholders. Before joining the Company, Ms. Jenti has plenty of experiences in finance and palm oil plantation sectors.
ABOUT THE COMPANY
PT Dharma Satya Nusantara Tbk was established on 29 September 1980, and is active in the palm oil industry and wood products manufacturing. The Company currently operates 13 estates and 7 palm oil mills with a total capacity of 450 tons per hour. In the wood product segment, the Company operates wood processing plants in Central Java, which produce panel products and engineered flooring.
PT Dharma Satya Nusantara Tbk
Jl. Rawa Gelam V Kav. OR/3B Pulogadung Industrial Estates Jakarta 13930
Email: [email protected]