Samko Timber sells three subsidiaries for $5m

The company said it will seek approval from independent shareholders.

Samko Timber Limited is selling three of its subsidiaries for $5m.

The group is selling PT Sumber Graha Sejahtera (PTSGS), Samko Trading Pte. Ltd (STPL), and Samko Forestry Pte. Ltd (SFPL)

Samko Timber wholly owns STPL and SFPL comprising of 3,860,000 and 100,000 shares, respectively whilst the group owns 98.44% interest in PTSGS.

According to the group, the sale constitutes a “major transaction” so the company will seek approval from its independent shareholders.

The news follows Samko Timber's disposal of its Balaraja Factory for $8.9m (RP105b).

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