JAKARTA - PT Eagle High Plantations Tbk (BWPT) sold off its entire portions in five of its subsidiaries. This transaction is intended as an operational and financial efficiency.

In the information disclosure quoted Monday (12/6), Andrew Haryono, Corporate Secretary of Eagle High Plantations, confirmed that the transaction signing took place yesterday (9/6). "The transaction is to strengthen cash flow and reduce bank debts that will positively affect our business," he added.

The divested subsidiaries consist of PT Arrtu Plantation (AP), PT Arrtu Agro Nusantara (AAN), PT Arrtu Borneo Perkebunan (ABP), PT Arrtu Energie Resources (AER), and PT Mandiri Kapital Jaya (MKJ). The buyer is known to be PT Nova Anugerah Abadi (NAA), a non-affiliate.

In the Q1 2023 Financial Report, four subsidiaries mentioned above started their operations in 2007, all recording 95% stock ownership by BWPT. Total assets of APN are IDR 870.10 billion, AER's are IDR 177.68 billion, ABP IDR 229.07 billion, and AAN IDR 287.07 billion. Meanwhile, MKJ was established in 2005, with a 99% stock ownership by BWPT and recording total assets of IDR 311.49 billion. (LK/ZH)