KL's L&G buys RI firm<\/p>\n
KUALA LUMPUR (AFP): Diversified Malaysian company Land and
\nGeneral Bhd. yesterday sealed a US$108 million deal to acquire a
\nmajor stake in an integrated timber complex in Indonesia in a
\nmove to bolster its timber division.<\/p>\n
Land and General signed an agreement to buy the entire equity
\nstake of Kinley Trading Ltd. from Hoiwin Enterprises Ltd., both
\ninvestment holding companies incorporated in the British Virgin
\nIslands.<\/p>\n
The deal gives the Malaysian listed company an 80 percent
\nstake in Kinley's subsidiary PT Wapoga Mutiara Industries, which
\nhas a timber complex in Biak, Irian Jaya, company officials said.<\/p>\n
"The complex is involved in various downstream activities such
\nas the production of sawn timber, blockboards, plywood and
\nhardboard, wood-working and trading," Land and General said in a
\nstatement.<\/p>\n
Land and General would issue 41.5 million new shares valued at
\n6.50 ringgit ($2.60) each, which would raise the company's share
\ncapital by about 41.5 million ringgit to 480.4 million ringgit.<\/p>\n
The acquisition is aimed at expanding the group's timber
\ninterests, officials said.<\/p>\n
Land and General's 60-percent subsidiary, Odin Mining and
\nInvestment Co. Ltd., recently bought the Fenning Timber Group, an
\nAustralian firm with operations in New South Wales and Fiji.<\/p>\n
The group also owns a timber company in Papua New Guinea,
\nCakara Alam (PNG) Pty. Ltd.<\/p>\n
Land and General is also involved in property, oil and gas,
\nmanufacturing and education.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kls-lg-buys-ri-firm-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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