Anglo-Eastern Plantations PLC (AEP) has announced the completion of the acquisitions of minority interests in its Indonesian subsidiaries. The company has acquired 20% of the issued share capital of PT Tasik Raja, 20% of PT Hijau Pryan Perdana, 20% of PT Bina Pitri Jaya, 10% of PT Alno Agro Utama, and 25% of PT Musam Utjing from PT Marison Nauli Ventura for a total cash consideration of US$60 million. As a result of these transactions, AEP now wholly owns these subsidiaries.

The acquisition of the minority interests aligns with AEP's strategy of consolidating its holdings in Indonesian subsidiaries. This was previously stated in the company's 2022 Annual Report. The acquisitions are expected to enhance future earnings per share as AEP will no longer have to apportion retained profits to PT Marison Nauli Ventura.

As of December 31, 2022, the gross assets of each subsidiary were as follows: PT Tasik Raja - US$170.9 million, PT Hijau Pryan Perdana - US$34.7 million, PT Bina Pitri Jaya - US$156.6 million, PT Alno Agro Utama - US$102.5 million, and PT Musam Utjing - US$44.6 million. The profits before tax for the year ended December 31, 2022, were: PT Tasik Raja - US$25.9 million, PT Hijau Pryan Perdana - US$6.0 million, PT Bina Pitri Jaya - US$24.5 million, PT Alno Agro Utama - US$20.4 million, and PT Musam Utjing - US$3.7 million.

The acquisitions of the minority interests in these subsidiaries are classified as Class 2 transactions under the FCA Listing Rules. This announcement is made in accordance with AEP's disclosure obligations pursuant to Chapter 10 of the FCA Listing Rules.

The person responsible for this announcement is Dato' John Lim Ewe Chuan, Executive Director of AEP. For further inquiries, contact Dato' John Lim Ewe Chuan at +44 (0)20 7216 4621 or visit the company's website.