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
25-Feb-2021 19:36:39
Status
New
Announcement Sub Title
Announcement Pursuant to Rule 706A of the SGX Listing Manual
Announcement Reference
SG210225OTHRLV12
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)
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 for the financial period from 1 July 2020 to 31 December 2020:

1. New Subsidiaries: (i) Vulcan AI Technologies Pte. Ltd.; (ii) Golden Agri-Resources Brasil Sociedade Limitada Unipessoal; and (iii) Zhuhai Sinarmas Huafeng Enterprise Co., Ltd.

(i) Vulcan AI Technologies Pte. Ltd. ("Vulcan AIT")

Incorporation of Vulcan AIT, established in Singapore, with an initial issued and paid-up share capital of USD1.00 comprising 1 share.

The principal activity of Vulcan AIT is that of digital analytics.

GAR has an effective interest of approximately 74% in Vulcan AIT.

(ii) Golden Agri-Resources Brasil Sociedade Limitada Unipessoal ("GB")

Incorporation of GB, a wholly-owned subsidiary of the Group established in Brazil, with an initial issued and paid-up share capital of BRL$1,000 (equivalent to USD190) comprising 1,000 shares of nominal value of BRL$1.00 each.

The principal activity of GB is that of trading in sugar and vegetable oils.

(iii) Zhuhai Sinarmas Huafeng Enterprise Co., Ltd. ("Zhuhai SFE")

Incorporation of Zhuhai SFE from restructuring of Zhuhai Huafeng Food Industry (Group) Co., Ltd., an existing subsidiary of the Group, established in the People's Republic of China with a registered share capital of USD5,287,949.

The principal activity of Zhuhai SFE is that of investment holding.

2. Disposal of PT Goldensnack Mas Sejahtera ("GMS")

Disposal by the Group of its entire shareholding interest of approximately 99% in GMS, a company incorporated in the Republic of Indonesia, for cash consideration of IDR8,000,000,000 (equivalent to USD560,000) (the "Disposal").

The consideration for the Disposal was arrived at on a willing-buyer willing-seller basis, based on discount on the nominal value of each share of IDR1,000,000.

Following the Disposal, GMS ceased as a subsidiary of the Group.


By Order of the Board
GOLDEN AGRI-RESOURCES LTD




Rafael Buhay Concepcion, Jr.
Director
25 February 2021

Notes: The amount in USD equivalent using the exchange rate as at 23 February 2021 of IDR1.00 = USD0.00007.
The amount in USD equivalent using the exchange rate as at 23 February 2021 of BRL$1.00 = USD0.19.