May 23, 2011

Samko acquires BioForest from Temasek

Singapore-listed Samko Timber Ltd, owned by Indonesian tycoon Sampoerna family, today announced an acquisition of 100% stake of BioForest Private Limited at a consideration price of S$7.38 million.
Samko will fully paid the acquisition from Temasek Life Sciences Ventures Private Limited, a subsidiary of Temasek Holdings (Private) Limited with new shares of Samko, an official statement obtained by Insider Stories today.
The new shares of Samko Timber to be issued to Temasek Life at the price of S$0.1362 per share, based on a 10%
discount to the 3 month volume weighted average price of Samko's share price on Friday, 20 May 2011.
Upon issuance, Temasek Life will hold 54.20 million shares, which will be less than 5% of the enlarged share capital of Samko.
BioForest is in the business of producing tree seedlings for the plantation industry, and is able to genetically duplicate elite tree candidate, thereby producing seedlings that will have  the same desirable characteristics as the mother tree.
The prosposed acquisition, if completed, will assist Samko move upstream into tree planting, and help transform the company into a fully integrated timber product player.
The completion of the purchase of BioForest is conditional upon various conditions, including satisfactory due diligence, the execution of a definitive sale and purchase agreement and if required, the approval of shareholders of the company at an extraordinary general
Samko is satisfied with its due diligence and a definitive sale and purchase agreement is entered into with the Vendor.
Sampoerna family through Forestry Limited is now controlling 42.6% stake in Samko Timber.
Micahel Joseph Sampoerna, son of Indonesian tycoon Putera Sampoerna, is now in charged as Samko's Non-Executive Director.
Amir Sunarko, the founder of PT Sumalindo Lestari Jaya Tbk (SULI), is acting as Executive Director and Head of Kalimantan Operations. Eka Dharmajanto Kasih, Putera Sampoerna's executive, is also acting as Non-Executive Director.
Samko Timber is a leading timber processing company in Indonesia. With over 1 million m³ of processing capacity, it is among the top five tropical hardwood plywood producers globally, and one of the largest in Indonesia.
Samko currently controls 99.987% shareholding in PT Sumber Graha Sejahtera (SGS), which manages 51.95% ownership in Sumalindo Jaya Lestari.
Sumber Graha also controls five sub holding companies PT Makmur Alam Lestari (99.93%), PT Panca Usaha Palopo Ply Wood (98.46%), PT Putra Sumber Utama Timber (99.2%), PT Sejahtera Usaha Bersama (99.34%), and PT Sumber Graha Sejahtera Indonesia (99%). 

Disclosure: No position at the stock mentioned above.

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