First Resources (SGX:EB5) completed the acquisition of a 91.17% stake in Indonesia palm oil firm, PT Austindo Nusantara Jaya Tbk, (IDX:ANJT) according to a Tuesday filing with the Singapore Exchange.
The deal which is worth $329.8 million, involved the purchase of over 3 billion shares in the Indonesian company, with a mandatory tender offer to follow for the remaining 8.83% stake.
The acquisition will allow the company to expand its upstream oil palm plantation footprint.
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