MHA act as reporting accountants for R.E.A. Holdings plc (REA) to reduce the group’s net indebtedness while it continues to invest in its oil palm operationsJanuary 29th 2024
MHA recently acted as reporting accountants for London Main Market company REA, principally engaged in the cultivation of oil palms in the Indonesian province of East Kalimantan, and in the production and sale of crude palm oil and crude palm kernel oil .
REA had reached an agreement with PT Dharma Satya Nusantara Tbk (DSN) under which, subject to the satisfaction of certain conditions, PT Agro Pratama, a subsidiary of DSN , would subscribe for further shares in the capital of the company's principal operating subsidiary, PT REA Kaltim Plantations (REA Kaltim), to increase the investment of the DSN group in REA Kaltim from 15 per cent to 35 per cent.
A shareholders’ circular regarding the proposed DSN subscription was published on 25 January 2024. The scale of the proposals represents a class 1 transaction under the Listing Rules, thus requiring the approval of shareholders and MHA providing reporting accountants’ services.
Our Capital Markets team’s wealth of experience in the London markets, particularly for company’s trading overseas, enabled us to support our client in their plans and we look forward to continuing to provide support as the business develops.”
Rob Dando, Corporate Finance Partner and Transaction Services Leader
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