TDM accepts RM115mil provide for 2 loss-making Indonesia subsidiaries

KUALA LUMPUR: TDM Bhd has accepted a proposal from Ikhasas Sdn Bhd to amass two loss-making Indonesian subsidiaries for RM115 million.

In a press release right now, TDM mentioned the loss-making subsidiaries, specifically PT Rafi Kamajaya Abadi (RKA) and PT Savit Rezeki Abadi (SRA), have been unprofitable since its first 12 months of manufacturing, whereas SRA has not commenced any operations since its acquisition by the group in 2015.

“Each corporations aren’t anticipated to be worthwhile within the close to time period,” TDM mentioned, including that the group additionally accepted an earnest deposit of RM2.3 million from Ikhasas.

TDM, a plantation and healthcare group, mentioned they’d accepted the provide from Ikhasas on March 21, 2022. Ikhasas is concerned within the palm oil enterprise and buying and selling and exporting palm merchandise.

The group mentioned this could permit TDM to consolidate its enterprise actions and refocus its power and sources to viable ventures extra successfully with out the must be dragged by legacy points.

“The provide shall be conditional upon TDM and Ikhasas fulfilling sure agreed particular circumstances inside six months from the date of TDM’s acceptance of the provide or such longer interval as could also be agreed between the events.

“TDM shall negotiate solely with Ikhasas relating to the proposed disposal inside this era or to such later date as each events mutually agree upon,” it mentioned.

Based on the assertion, TDM had already impaired the funding of its Indonesian property since 2017, amounting to RM729 million.

The Indonesian property have been categorised as property held on the market since 2019, mentioned the group. – Bernama


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