GRP Signs New Heads of Agreement for Acquisition of Industrial Park Developer in Indonesia

MT Newswires

Jan 26

GRP (SGX:BLU) entered into a new heads of agreement to explore the acquisition of a 100% stake in Bintan Investment Management from independent non-executive chairman, Francis Chua Seng Kiat, according to a Monday filing with the Singapore Exchange.

The new non-binding deal follows further discussions after the termination of an earlier heads of agreement amid progress made by Bintan Investment Management on its solar farm renewable energy project in Bintan Island, Indonesia.

Bintan Investment Management is a developer of an integrated industrial park which covers projects related to renewable energy and agriculture farming.

The transaction will be satisfied through the issuance of shares in the company's capital and rights issue of warrants.

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