Asset Acquisitions and Disposals::Announcement Pursuant to Rule 706A of the SGX Listing Manual

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
27-Feb-2025 19:49:31
Status
New
Announcement Sub Title
Announcement Pursuant to Rule 706A of the SGX Listing Manual
Announcement Reference
SG250227OTHRV4J1
Submitted By (Co./ Ind. Name)
Pauline Ng
Designation
VP, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below)
Pursuant to Rule 706A of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board of Directors of Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to announce the following in respect of the full year ended 31 December 2024:-

1. New subsidiaries

(i) Golden Agri-Resources Italia S.R.L ("GAR Italia")

Incorporation of GAR Italia, an indirect wholly owned subsidiary of the Group established in Italy with an initial subscribed and paid-up share capital of EUR10,000.

The principal activities of GAR Italia are that of importing, trading and distribution of vegetable oils and their by-products, derivatives and oleochemical products.

(ii) GEF Foods India Private Limited ("GEF")

Incorporation of GEF, a subsidiary of the Group established in India with an initial subscribed and paid-up share capital of INR100,000.

The principal activities of GEF are that of manufacturing and trading of food products.

(iii) PT Maritim Usaha Pelabuhan ("MUP")

Acquisition by the Group of MUP for a purchase consideration of IDR7,100,000,000 (equivalent to US$459,000) based on valuation of MUP's shares by an independent valuer and on a willing buyer willing seller basis, financed by internal resources (the "Acquisition"). The principal activity of MUP is the operation of marine terminal facilities.

Following the Acquisition, MUP became a wholly owned subsidiary of the Group.

(iv) PT Karya Jasa Primatama ("KJP")

The Group exercised its rights to convert a loan into equity in KJP, resulting in a 98.82% change in shareholding in KJP ("Subscription"). The principal activities of KJP are that of consultancy services and trading.

Following the Subscription, KJP has become a subsidiary of the Group.

(v) PT Wahana Agung Persada ("WAP")

The Group exercised its rights to convert a loan into equity in WAP, resulting in a 29.39% change in shareholding in WAP ("Subscription"). The principal activities of WAP are that of consultancy services and trading.

Following the Subscription, WAP has become a subsidiary of the Group (previously regarded as an associated company).

2. Cessation of Subsidiaries

(i) PT Langgeng Subur ("PTLS")

Following the completion of the member's voluntary liquidation, PTLS was dissolved.

(ii) Aerolink Investment Pte. Ltd. ("Aerolink")

Aerolink, a wholly owned subsidiary incorporated in Singapore, has been struck off from the Register of Companies.

(iii) PT Pelangi Sungai Siak ("PSS")

Following the completion of the member's voluntary liquidation, PSS was dissolved.

(iv) Blue Sky Golden Energy Ltd ("Blue Sky")

Blue Sky, an inactive wholly owned subsidiary incorporated in the Republic of Mauritius, was dissolved.

3. Disposal of / Cessation of Associated Companies

(i) Titip Holdings Pte. Ltd. ("Titip")

Disposal by the Group of its entire 48.19% shareholding in Titip (the "Disposal"), an associated company incorporated in Singapore, for a consideration of US$310,000 derived on a willing buyer willing seller basis.

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

(ii) WAP

See 1(v) above.


Rafael Buhay Concepcion, Jr.
Director
GOLDEN AGRI-RESOURCES LTD
27 February 2025