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Stock impact report

Tobacco Heir Putera Sampoerna Exits Palm Oil, Eyes New Frontiers [Forbes]

POSCO Holdings Inc. American Depositary Shares (Each representing 1/4th of a share of) (PKX) 
Company Research Source: Forbes
here Putera Sampoerna In November, he divested the family's entire 66% stake in Indonesia-listed palm oil producer Sampoerna Agro to a unit of South Korean steel giant Posco, in a deal that valued the company at $885 million. Posco, which already has steel and energy ventures in Indonesia, aims to expand its biofuels presence in the country, which accounts for around 60% of global palm oil production. Sampoerna's family holding outfit, Sampoerna Strategic Group, said the sale to Posco allows it to refocus resources on its existing businesses, which include banking, plywood and property, while seeking new frontiers. In another palm oil deal inked in May, tycoon Ciliandra Fangiono's Singapore-listed First Resources bought a 91% stake in palm oil company Austindo Nusantara Jaya, controlled by brothers and former rich listees George and Sjakon Tahija for $330 million. Show less Read more
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