sur R.E.A. Holdings Plc (ETR:GB000234)
R.E.A. Holdings Announces Sale of CDM Subsidiary
R.E.A. Holdings plc has entered a conditional agreement to sell its wholly owned subsidiary, PT Cipta Davia Mandiri (CDM), to PT Teladan Prima Agro Tbk for $23.8 million. The transaction aims to reduce group debt and concentrate operations geographically.
CDM, involved in oil palm cultivation in East Kalimantan, Indonesia, holds 9,784 titled hectares. The sale results from solving local village disputes and addressing group indebtedness. Completion is slated for June 2025, pending conditions like debt capitalization and consent from Bank Mandiri.
The final deal includes capitalizing CDM's $7.7 million debt to REA and adjusting employee severance benefits. Key transaction risks involve completion delays that could impact financial health, although geographical concentration of resources is seen as beneficial.
R. H.
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