Asset Acquisitions and Disposals::New Subsidiary, PT Phinisi Multi Properti

Issuer & Securities

Announcement Title: Asset Acquisitions and Disposals
Date &Time of Broadcast: 05-Mar-2015 19:12:31
Status: New
Announcement Sub Title: New Subsidiary, PT Phinisi Multi Properti
Announcement Reference: SG150305OTHR9R3U
Submitted By (Co./ Ind. Name): Kimberley Lye Chor Mei
Designation: Company Secretary
Description (Please provide a detailed description of the event in the box below): The Board of Directors of Sinarmas Land Limited ("SML" and together with its subsidiaries, the "Group") wishes to announce that the Group has acquired 157,352 shares of nominal value of IDR1 million each representing 68% of the shareholding in PT Phinisi Multi Properti ("PMP"), for a total purchase consideration of IDR268,285,500,000 (equivalent to SGD29,511,405), resulting in PMP becoming a subsidiary of the Group. The principal activity of PMP is that of real estate development and/or related business.

The purchase consideration was determined on a willing buyer willing seller basis at a discount on 68% share of PMP's net assets value as at 31 October 2014 of IDR413,169,912,951 (equivalent to SGD45,448,690) and was fully settled in cash and financed by internal resources.

(Note: The amounts in SGD equivalents derived using exchange rate as at 27 February 2015 of IDR1= SGD0.00011)

By Order of the Board
SINARMAS LAND LIMITED

Ferdinand Sadeli
Director
5 March 2015