Anglo Eastern Plantations PLC has published the following regulatory news announcement:

RNS Number : 7722FAnglo-Eastern Plantations PLC12 July 2023

12 July 2023

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

Consolidation of AEP's Holdings in Its Indonesian Subsidiaries

AEP is pleased to announce the acquisition of the 25% of the issued share capital of PT United Kingdom Indonesia Plantations ("Ukindo") and the 10% of the issued share capital of PT Mitra Puding Mas ("MPM"), from PT. Canadianty Corporindo, the minority shareholder in Indonesia, for a total cash consideration of US$25.2million.

Following this transaction, the Company now wholly-owns both the Ukindo and MPM subsidiaries. The purchase of the minority interests in these two subsidiaries is in line with the Group's stated strategy of consolidating AEP's holdings in its Indonesian subsidiaries with the Group's cash resources, as reported in our 2022 Annual Report.

The acquisition of the minority interests in Ukindo and MPM is expected to enhance future earnings as it reduces non-controlling interests in these profitable companies.

As at 31 December 2022, the gross assets of Ukindo and MPM were approximately US$58.5 million and US$164.5 million respectively and the profits before tax for the year then ended were approximately US$11.6 million and US$37.3million, respectively.

Under the FCA Listing Rules, the acquisition shares of the non-controlling interests in Ukindo and MPM constitute a Class 2 transaction and, as such, this announcement is made in accordance with AEP's disclosure obligations pursuant to Chapter 10 of the FCA Listing Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

The person responsible for this announcement is Dato' John Lim Ewe Chuan, Executive Director.

For further enquiry, contact:

Anglo-Eastern Plantations Plc

Dato' John Lim Ewe Chuan +44 (0)20 7216 4621

Panmure Gordon (UK) Limited

Dominic Morley / Amrit Mahbubani +44 (0)20 7886 2500

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy

http://www.angloeastern.co.uk/news/alert-service