Link: https://links.sgx.com/1.0.0/corporate-announcements/RRK7CWL8XTG6Y8UM/e52328eba7e58b3d0d3bca0f320bd63e60b83fad719937ca4d624cbeefe3100e

Summary:

• First Resources Limited has exited the oil palm plantation business in West Papua, Indonesia, finalizing the disposal of its entire equity interests in subsidiaries PT Permata Putera Mandiri (PT PPM) and PT Putera Manunggal Perkasa (PT PMP).

• The disposal follows the company’s acquisition of PT Austindo Nusantara Jaya, Tbk (PT ANJ), part of a strategic move to streamline the group’s plantation portfolio.

• PT PPM and PT PMP owned 7,400 hectares of plantations, a crude palm oil mill, and unplanted land bank. The sale was valued at IDR 405.6 million (approx. US$25,000), referencing independent appraisals and reflecting net debts of approx. US$80.1 million.

• The transaction is not expected to materially affect First Resources’ net tangible assets or earnings per share for FY2025.

• PT PPM and PT PMP are no longer subsidiaries post-disposal; full divestment details were disclosed on the Indonesia Stock Exchange.

• This disposal qualifies as a non-discloseable transaction under SGX rules.

• First Resources disposed of its entire equity interests in PT Permata Putera Mandiri and PT Putera Manunggal Perkasa, indirect subsidiaries acquired through PT Austindo Nusantara Jaya (PT ANJ).

• The sale is part of a strategic move to streamline and exit its West Papua oil palm plantation footprint.

• Assets included approximately 7,400 hectares of plantations, a CPO mill, and land bank; net debts of subsidiaries were IDR 1.31 trillion (US$80.1 million).

• Cash proceeds from the sale totaled IDR 405.6 million (US$25,000); terms were based on independent appraisals and asset-liability position.

• The disposal has no material impact on First Resources' net tangible assets or earnings per share for FY2025.

• The transaction is non-discloseable under SGX Chapter 10 regulations; full details are published to the Indonesia Stock Exchange.