JAKARTA – Palm oil tycoon Ciliandra Fangiono plans to acquire the controlling parties of PT Austindo Nusantara Jaya Tbk (ANJT) through PT Ciliandra Perkasa.

Ciliandra Fangiono, one of Indonesia's wealthiest individuals in the palm oil sector, serves as the CEO of First Resources Ltd, his family's palm oil company listed on the Singapore Exchange (SGX). According to Forbes, Ciliandra's net worth is estimated at USD 2.4 billion or around IDR 40 trillion.

Naga Waskita, Director and Corporate Secretary of ANJT, revealed that Ciliandra will take over 91.17% of ANJT shares from its four largest shareholders: PT Austindo Kencana Jaya (AKJ), PT Memimpin Dengan Nurani (MDN), Sjakon George Tahija (SGT), and George Santosa Tahija (GST).

As of February 28, 2025, AKJ and MDN each owned 40.85% of ANJT shares, while SGT and GST each held 4.74% of the company’s shares. "The sellers and buyer have signed a conditional share purchase agreement on 18 March 2025," Naga stated in a public disclosure on Tuesday (18/3).

The acquisition value has not yet been disclosed. "However, Ciliandra Perkasa is interested in acquiring ANJT to expand palm oil plantations and increase the supply of raw materials for its growing downstream business," he added.

With a mandatory tender offer expected, the acquisition move has triggered a significant rise in ANJT's stock price in the first session today (18/3). As of 11.07 AM WIB, its share price surged 18.52% from IDR 1,350 to IDR 1,600 per share. (DK/ZH)