SSEK Indonesian Legal Consultants has acted for Ladang Lekir Sdn. Bhd., a Malaysian oil palm and rubber plantation company, and an indirect wholly owned subsidiary of the Perak State Agricultural Development Corporation, in the sale of its shares in an Indonesian oil palm company, PT Pinang Witmas Sejati.
Kuala Lumpur Kepong Bhd. (KLK), a leading Malaysian multinational plantation company, through its Singapore-incorporated wholly owned subsidiary, Taiko Plantations Pte. Ltd., acquired Ladang Lekir’s 60% equity interest in PT Pinang Witmas Sejati to boost its plantation landbank. The acquisition price was RM 341.55 million (approximately USD 80 million).
With the acquisition of PT Pinang Witmas Sejati, KLK acquired about 14,106 ha of a planted oil palm estate in South Sumatra.
As part of the acquisition, KLK entered into a conditional shares sale and purchase agreement with Ladang Lekir.
Denny Rahmansyah, SSEK’s managing partner and a supervising partner of the firm’s land and real estate practice, led the SSEK team assisting Ladang Lekir in the acquisition. Denny was assisted by Samuel Yefta Abednego, SSEK’s lead associate for the transaction, and Greita Anggraeni and Raisya Majory, associates of SSEK.