Change - Change in Corporate Information::Changes in Shareholding Interests in PT Trans Bumi Serbaraja and PT Hermina Sinar Medikamas

Issuer

Issuer/ Manager
SINARMAS LAND LIMITED

Announcement Details

Announcement Title
Change - Change in Corporate Information
Date &Time of Broadcast
16-May-2019 17:17:11
Status
New
Announcement Sub Title
Changes in Shareholding Interests in PT Trans Bumi Serbaraja and PT Hermina Sinar Medikamas
Announcement Reference
SG190516OTHRHC4J
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 the following:

(1) PT Trans Bumi Serbaraja ("TBS")

The Group has acquired the balance 75,000 shares of nominal value of IDR1 million each ("TBS Shares") in TBS, a 50% joint venture company of the Group, for an aggregate consideration of IDR90,925,323,308 (equivalent to SGD8,183,279) (the "Acquisition").

The consideration for the TBS Shares, which was financed by internal resources, was determined on a willing buyer and willing seller basis, referenced to the book value of the TBS Shares of IDR75,000,000,000.

Following the Acquisition, TBS has become a wholly-owned subsidiary of PT Bumi Serpong Damai Tbk, a subsidiary of SML listed on the Indonesia Stock Exchange.

(2) PT Hermina Sinar Medikamas ("HSM")

The Group has disposed its entire shareholding of 72 shares of nominal value of IDR500,000 each fully paid in the issued share capital of HSM, for a total consideration of IDR36,000,000 (equivalent to SGD3,240) (the "Disposal").

Following the Disposal, HSM ceased to be an associated company of the Group.


(Note: Amounts in SGD equivalents derived using exchange rate as at 15 May 2019 of IDR1 = SGD0.00009)

By Order of the Board
SINARMAS LAND LIMITED

Ferdinand Sadeli
Director
16 May 2019

Place Of Incorporation

Existing
Singapore
New

Registered Address

Existing
New