Friday, August 8, 2014
Bumitama Agri
Bumitama Agri: Terminated cooperation agreement with PT GY Plantation Indonesia (GY) and PT. Gunajaya Harapan Lestari (GHL), which comprises the management and operation of 7,310 hectares of plantation area owned by the entities, the exclusive right to purchase any FFB produced and a call option for up to 95% and 80% stake in GY and GHL respectively.
This was due to GY's inability to secure a license renewal on its plantation and the lack of govt approval for foreign ownership on GHL.
The termination is not expected to have a material impact on NTA and EPS for FY14.
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