Asset Acquisitions and Disposals::New Subsidiaries

Issuer & Securities

Issuer/ Manager
GOLDEN AGRI-RESOURCES LTD
Securities
GOLDEN AGRI-RESOURCES LTD - MU0117U00026 - E5H
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
06-Aug-2015 17:43:05
Status
New
Announcement Sub Title
New Subsidiaries
Announcement Reference
SG150806OTHRO1TM
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to announce the acquisition by the Group of 100% of the issued share capital, comprising 25,000 shares of EUR1 each fully paid, of Victory Oleo Holding GmbH ("VOH"), a company incorporated in Germany, for a consideration of EUR305,000 (equivalent to USD334,280) (the "Consideration") which was fully settled in kind through the redemption of subscribed capital.

The Consideration was determined based on the fair value of VOH as of 31 December 2014 using the net income approach of EUR303,027 (approximately USD332,118).

The principal activity of VOH is the distribution of oleochemical products with coverage in Europe and Latin America.

Following the acquisition, VOH together with its subsidiary, became subsidiaries of the Group.


By Order of the Board
GOLDEN AGRI-RESOURCES LTD




Rafael Buhay Concepcion, Jr.
Director
6 August 2015

Note: The amount in USD equivalent using the exchange rate as at 3 August 2015 of EUR1 = USD1.096.