First Resources Takes Direct Control in Austindo Acquisition, Revises Buyout Structure
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JAKARTA, investortrust.id – Singapore-listed palm oil producer First Resources Ltd has restructured its plan to acquire a majority stake in Indonesia's Austindo Nusantara Jaya, opting to take direct control of the transaction valued at over half a billion dollars.
On Friday, April 11, 2025, First Resources signed a novation agreement that transfers all rights and obligations of the previously designated buyer, its subsidiary PT Ciliandra Perkasa, to the parent company. This move effectively places First Resources Ltd as the direct controlling shareholder in Austindo Nusantara Jaya Tbk, or ANJT, replacing Ciliandra Perkasa as the acquirer.
According to the company’s official statement, First Resources also currently holds an indirect stake of 0.32% in ANJT.
Previously, on Tuesday, March 18, 2025, First Resources had announced that it would acquire 3.05 billion shares, or 91.17% of ANJT, through PT Ciliandra Perkasa, a palm oil estate company controlled by the Fangiono family.
In a filing to the Singapore Exchange, First Resources stated the acquisition could be worth up to $329.75 million, or approximately Rp 5.4 trillion, based on a price-to-book value (PBV) multiple of 0.86 times.
The sellers in the deal include PT Austindo Kencana Jaya, PT Memimpin Dengan Nurani, and Sjakon George Tahija. Management at ANJT confirmed that the conditional share purchase agreement was signed on March 18, and that the acquisition is subject to approval from Indonesia’s Financial Services Authority, known as OJK.
According to public records, PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani are the controlling shareholders, each holding 40.49% of ANJT. Other major shareholders include George Santosa with 4.74%, Sjakon George Tahija with 4.74%, and the remaining portion held by public investors.
First Resources, which operates palm plantations primarily in Indonesia, currently manages 215,128 hectares of planted oil palm, with 194,364 hectares already in production. The company reported a strong financial performance in 2024, with net profit rising to $245.8 million from $145.4 million the previous year. Revenue also grew to $1.03 billion from $980.6 million.
Meanwhile, ANJT posted a net income attributable to the parent company of $9.64 million in 2024, up from $5.15 million in 2023. However, its revenue dipped slightly to $236.81 million from $237.56 million. The company reported total assets of $573.2 million and liabilities of $181.31 million in 2024, down from $580.67 million and $188.74 million respectively in the prior year.