16th Apr 2025 12:38
(Alliance News) - MP Evans Group PLC on Wednesday said subsidiary PT Evans Indonesia has agreed to acquire two Indonesian plantation companies, to expand its presence in Indonesia.
The Tunbridge Wells, England-based producer of Indonesian crude palm oil reported its wholly-owned subsidiary has signed a conditional share purchase deal for PT Setara Kilau Mas Adicita and PT Sumber Bumi Serasi.
MP Evans expects to pay a total consideration of around USD34.2 million, to be funded from existing resources. This equates to around USD12,500 per planted hectare.
The acquisitions are anticipated to complete in the third quarter of 2025.
"Adding the planted areas at SKMA and SBS will bring the total group-managed area at Bumi Mas to almost 12,000 hectares, enabling the group to make a significant difference to the profitable utilisation of the on-site mill. This is another step forward in the group's growth strategy, after which it will manage almost 70,000 planted hectares across its Indonesian projects," said MP Evans Chair Peter Hadsley-Chaplin.
The two plantation companies are being acquired from PT Golden Land Gemilang, a subsidiary of Malaysian palm oil firm Golden Land Berhad. The purchase is also being made from minority shareholders Jeffrey Lachmandas Mahtani and Maurice Maulana Situmorang.
Shares in MP Evans were up 1.0% at 1,000.00 pence each in London on Wednesday afternoon. The stock has risen 20% over the past year.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
M P Evans