First Resources - Maybank Research 2025-03-19: Spending US$329.8m For A 91.2% Stake In ANJT; Short Term Pain For Long Term Gain.

• First Resources (SGX:EB5), via its majority-owned subsidiary, PT Ciliandra Perkasa entered into a conditional shares purchase agreement with several sellers to buy 3.06b shares or 91.17% of PT Austindo Nusantara Jaya (ANJT IJ) for US$329.8m cash.
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About PT Austindo Nusantara Jaya

• PT Austindo Nusantara Jaya (ANJT) is principally engaged in the business of production and sale of palm oil and other sustainable food crops, as well as renewable energy. As at 31 Dec 2024, ANJT has a total landbank of 154,650 ha located across Indonesia, of which 53,358 ha was planted (nucleus: 48,353 ha; plasma: 5,005 ha).
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• In 2024, the average age of the oil palm planted area is said to be 13 years old with a group FFB yield of 18.4/ha (2023: 20.3t/ha) and OER of 19.9% (2023: 20.6%).

Decent purchase price of US$10,202/ha

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2025-03-03 First Resources - Results Beat Expectations, Tactical Upgrade To BUY.

Price targets by other brokers at First Resources Target Prices.

Listing of research reports at First Resources Analyst Reports.

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