Sinarmas Group through PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) is now controlling 100% shareholding in PT Sumalindo Hutani Jaya after it acquire additional of 40% stake from the state-controlled PT Inhutani I (Persero) with consideration price of Rp14.75 billion.
Previously, Tjiwi Kimia owned 60% shareholding in Sumalindo Hutani Jaya and the remaining was held by Inhutani.
Director Agustian R. Partawidjaja at Tjiwi Kimia said the company entered into sale and purchase agreement on June 13 2011.
"We purchased 40% stake or 4.80 million shares in Sumalindo Hutani at Rp14.75 billion from Inhutani," he said in a disclosure filed to Indonesia Stock Exchange.
Disclosure: No position at the stock mentioned above.
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