5th Feb 2014 10:07
LONDON (Alliance News) - Palm Oil producer REA Holdings PLC Wednesday said its PT Sasana Yudha Bhakti subsidiary has reached a land swap deal meaning it can plant palms on land currently owned by PT Praesetia Utama, while that company will be able to start coal mining on land owned by PT Sasana Yudha Bhakti.
In a statement, REA Holdings said the deal is for a phased land swap allowing the development of blocks of land. One a critical mass of oil palm is established on the PT Praesetia Utama land, then the full land swap deal will take place and ownership of the land covered by the deal transferred.
It said the phased deal will allow it to make sure that the land titles held by PT Praesetia Utama remain valid before the whole deal is completed.
REA Holdings shared last traded at 462.5 pence in London.
By Steve McGrath; [email protected]; @SteveMcGrath1
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