AEP Plantations plans Indonesia IPO for AEP Nusantara Plantations

(Alliance News) - AEP Plantations PLC on Thursday said it is exploring a potential initial public offering for its Indonesian subsidiary, PT AEP Nusantara Plantations Tbk.

The operator of sustainable palm-oil plantations in Indonesia and Malaysia noted that AEP Nusantara comprises the company's plantation and processing assets in Central Kalimantan, Indonesia.

AEP said it possesses a combined core planted area of around 19,000 hectares, "and represents its primary platform for expansion in the Kalimantan region".

The company said it believes that listing on the Indonesia Stock Exchange will create a "financially efficient vehicle" to support further estate expansion in the area, as well as align the subsidiary with its operational footprint and broaden its investor base.

AEP Plantations envisages that around 15% of new shares in AEP Nusantara will be issued as part of the proposed IPO. It noted this is in line with minimum public float requirements.

It added that the offering is seen supporting the subsidiary's development, through capital expenditure and the development of PT KAP infrastructure and a new palm oil mill.

AEP Plantations said the proposed IPO is anticipated to complete by the middle of this year, subject to regulatory approvals.

Shares in the company were trading down 1.1% at 1,832.00 pence on Thursday morning in London.

By Christopher Ward, Alliance News reporter

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