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Anglo-Eastern Plantations PLC on Wednesday said it consolidated its holdings in two Indonesian subsidiaries, in order to wholly own both assets. The Indonesia and Malaysia-focused palm oil and rubber producer said it acquired the remaining 25% shares in PT UK Indonesia Plantations and the remaining 10% in PT Mitra Puding Mas from minority shareholder PT Canadianty Corporindo for an aggregate $25.2 million. Anglo-Eastern Plantations said the transactions were in line with its strategy of consolidating its holdings in its Indonesian subsidiaries. The company said it expects the minority interest acquisitions to enhance future earnings as it reduces non-controlling interests in these ‘profitable’ companies. As of December 31, Ukindo’s gross assets were $58.5 million, while MPM’s were $164.5 million. Annual pretax profit for both firms was around $11.6 million and $37.3 million respectively. In 2022, the wider group reported revenue of $447.6 million, increasing 3.3% from $433.4 million in 2021, driven by higher palm oil prices. Pretax profit was $132.9 million, down 3.1% from $137.1 million. Basic earnings per share fell 12% to 212.34 US cents, from 242.34 US cents. Shares in Anglo-Eastern Plantations were down 0.3% to 722.20 pence each in London on Wednesday late morning. It has a market capitalisation of £285.7 million. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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