KUALA LUMPUR: Genting Plantations Bhd plans to acquire two adjacent land parcels totalling 152 hectares in Indonesia for RM593 million from PT Sentul City TBK (PTSC) and its related companies.
In a filing to Bursa Malaysia today, the group said its indirect wholly-owned subsidiaries had signed two conditional sale and purchase agreements (SPAs) for the proposed acquisition.
The first SPA involves PT Genting Properti Abadi acquiring an 80-hectare land parcel in the Sentul City township, Bogor Regency, West Java province from PTSC, PT Aftanesia Raya and PT Primatama Cahaya Sentosa for RM509.8 million in cash.
The second SPA involves PT Genting Properti Jaya (PT GPRJ) purchasing an adjacent 72-hectare for RM83.2 million.
Genting Plantations said the aggregate purchase consideration for both land amounts to 2,052 billion rupiah (about RM593 million).
"The proposed acquisitions provide the opportunity for Genting Plantations, through its indirect wholly-owned Indonesian subsidiaries to undertake property development related activities in line with the objective of its Indonesian expansion.
"In doing so, the group will be able to establish its presence in the Jakarta property market which may offer other opportunities to further its Indonesian expansion initiative," it noted.
The group also said the proposed acquisitions align with the potential of Sentul City land for property development and offer significant opportunities for property growth in Indonesia.