First Resources sells West Papua subsidiaries

The subsidiaries had debts of $103.3m.

First Resources Limited has sold its indirect subsidiaries PT Permata Putera Mandiri (PT PPM) and PT Putera Manunggal Perkasa (PT PMP) for $32,200 (IDR 405.6m).

The disposal follows the company’s acquisition of PT Austindo Nusantara Jaya Tbk (PT ANJ) in May 2025 and its decision to exit the oil palm plantation business in Indonesia’s West Papua province.

The two subsidiaries held around 7,400 hectares of oil palm plantations, a crude palm oil mill, and unplanted land bank.

As of 31 July 2025, they carried net financial debt of $103.3m (IDR 1.31t).

After the sale, PT PPM and PT PMP are no longer subsidiaries of the group.

First Resources said the transaction is not expected to materially affect its net tangible assets or earnings per share for the year ending 31 December 2025.

The disposals are classified as non-discloseable transactions under Singapore Exchange rules.

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