HK firm buys Lonsum stake

JAKARTA (JP): Lazard Asia, a Hong Kong-based investment firm, has agreed to buy a 50 percent stake in publicly listed plantation company PT London Sumatra (PT Lonsum).

Lonsum said on Tuesday that under the agreement signed on June 25, the Hong Kong company would buy its 485.6 million new shares, or about 50 percent of total shares.

The transaction, which would also include purchases of Lonsum plantation assets, is worth about US$105 million.

The company said its annual shareholders meeting last week approved the appointment of Patrick Cheung and Helen Wong, chief executive officer and deputy CEO of Lazard, as chief commissioner and a member of the supervisory board, respectively.

Eddy Sariaatmadja and Geoffrey Yeoh were also named as members of the supervisory board on the recommendation of Lazard. (hen)