4 September, 2020
SSEK Indonesian Legal Consultants has acted for TSH Resources Berhad (TSH), one of Malaysia’s largest plantation companies, as the seller in a US$110.1 million Indonesian landbank transaction, as has been reported.
TSH entered into two conditional shares sale and purchase agreements with KL Kepong (KLK), through KLK’s wholly owned subsidiary, Taiko Plantations Pte Ltd (TPPL). TSH, through its subsidiaries TSH Global Plantation Pte Ltd and TSH Oversea Pte Ltd, disposed of 90% equity interest in two Indonesian companies, PT Farinda Bersaudara and PT Teguh Swakarsa Sejahtera, respectively.
As reported, the transaction is subject to the approval of TSH’s shareholders and the relevant authorities. The deal is expected to be completed by the first quarter of 2021.
SSEK assisted TSH with the transaction documents and provided advisory work on corporate, M&A, plantation, land and property, and tax matters.
Denny Rahmansyah, SSEK’s managing partner and a supervising partner of the firm’s land and plantation practices, led the SSEK team assisting TSH in the transaction. Denny was assisted by SSEK associates Samuel Yefta Abednego and Sabrina Tobing.
SSEK partner Rusmaini Lenggogeni was involved on tax issues related to the transaction, assisted by Charvia Tjhai, an associate.
