Samko acquires BioForest from Temasek Life

JAKARTA: Singapore-listed Samko Timber Ltd, owned by Indonesian tycoon Sampoerna family, today announced an acquisition of 100% stake of BioForest Private Limited at a consideration price of S$7.38 million.Samko will fully paid the acquisition from Temasek Life Sciences Ventures Private Limited, a subsidiary of Temasek Holdings (Private) Limited with new shares of Samko, an official statement obtained by Bisnis today.The new shares of Samko Timber to be issued to Temasek Life at the price of S$0.1362 per share, based on a 10% discount to the 3 month volume weighted average price of Samko's share price on Friday, 20 May 2011. Upon issuance, Temasek Life will hold 54.20 million shares, which will be less than 5% of the enlarged share capital of Samko.BioForest is in the business of producing tree seedlings for the plantation industry, and is able to genetically duplicate elite tree candidate, thereby producing seedlings that will have the same desirable characteristics as the mother tree. The prosposed acquisition, if completed, will assist Samko move upstream into tree planting, and help transform the company into a fully integrated timber product player. The completion of the purchase of BioForest is conditional upon various conditions, including satisfactory due diligence, the execution of a definitive sale and purchase agreement and if required, the approval of shareholders of the company at an extraordinary general meeting. Samko is satisfied with its due diligence and a definitive sale and purchase agreement is entered into with the Vendor. (wiw)

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