Dec 20, 2010

Ciliandra establishes Matthew Air

Ciliandra Fangiono family has entered aircraft business. The family has established a new subsidiary dubbed PT Matthew Air Nusantara with capital paid-in of IDR10 billion.
In an official statement, Fangiono family controlled 98% stake in Matthew Air Nusantara via PT Ciliandra Perkasa, privately-owned palm oil producer, which is in turn 95.51% owned by Singapore-listed First Resources Ltd. Matthew Air Nusantara has principal activities in aircraft ownership and management. 
The establishment of Matthew Air is funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group First Resources for the current financial year ending 31 December 2010. 
Along with the establishment, First Resources has disposed three subsidiaries PT Dharma Bhakti Utama, PT Andalan Mitrasawit Sejahtera, and PT Panca Surya Agrosejahtera in a bid to streamline the operations of the Group. The subsidiaries, which have an aggregate negative net asset value of IDR3,69 million (approximately US$0.4 million) as at 30 September 2010, have been disposed to PT Fangiono Perkasa Sejati (FPS), for a total cash consideration of IDR13.25 million. 
As a result of the disposal, Dharma Bhakti, Andalan Mitrasawit, and Panca Agrosejahtera ceased to be indirect subsidiaries of the Group. 

Disclosure: No position at the stock mentioned above. 

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