AP Land terminates Indonesian venture plan

KUALA LUMPUR: ASIA PACIFIC LAND BHD []'s unit has called off its proposed acquisition of PT. Tunas Sejati Abadi in relation to a 16,000-ha piece of land for oil palm cultivation in east Kalimantan.

AP Land said on Friday, June 18 the termination was expected to be completed within one month from Thursday.

On Jan 11, 2008, AP Land's unit Pacific Agriculture Holdings Pte. Ltd.had signed a conditional shares sale and purchase agreement and subscription of new shares in Tunas Sejati Abadi.

AP Land said it did not expected the termination of the agreements to have any material impact on the net assets and earnings of the froup for the year ending Dec 31, 2010.


Written by Joseph Chin