Samko Timber subsidiary sells factory for $8.9m

The purchase conditions will be done in two instalments.

PTSGS, a wholly-owned subsidiary of Samko Timber Limited, has entered into a conditional sale and purchase agreement for the disposal of Balaraja Factory for $8.9m (RP105b), according to a bourse filing.

The purchase conditions will be done in two instalments, with the first payment of $4m (RP47b) having been received by the group. The second payment of $4.9m (RP58b) will be made no later than 31 December 2024.

The purchaser is an Indonesian businessman and is an independent and unrelated third party.

The Balaraja Factory comprises of a one-storey detached plywood and other wood-products factory building of 41,206 sq m and a two-storey dormitory of 343 sq m.

The factory building sits on a land area of 86,511 sq m and the dormitory sits on a land area of 253 sq m.

The dormitory will be sold separately and further announcements will be made accordingly.

Moreover, the ownership of the factory is covered by 10 certificates of the rights to build (Hak Guna Bangunan) with 30 to 38 years validity expiring between 2031 and 2038, covering a total land area of 86,764 sq m.

(RP1 = $0.000084)

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