Right Pocket To Left Pocket Transaction, Palm Oil Company Owned By Conglomerate TP Rachmat Combines Two Business Grandchildren

JAKARTA - The palm oil company owned by TP Rachmat conglomerate PT Triputra Agro Persada Tbk, is currently conducting efficiency and restructuring of business groups. One way is to combine two business grandchildren.

Citing information from Triputra Agro's management, Tuesday, July 5, the two grandchildren in question are PT First Lamandau Timber International (FLTI) and PT Hanamas Jasa Abadi (HJA). In this case, HJA merged with FLTI, which is engaged in the business of oil palm plantations and oil palm processing.

"As part of the merger, all of HJA's assets and liabilities will be transferred to FLTI," wrote Triputra Agro's management.

Triputra Agro's management ensures that the transaction is a right pocket to left pocket transaction. This means that there are no significant changes to the operational, legal, financial condition or business continuity of the company.

The transaction was effective on July 1, 2022.

With this transaction, the result of the merger between FLTI and HJA will generate an authorized capital of Rp. 200 billion with issued and paid-up capital of Rp. 80.53 billion.