First Resources sells West Papua subsidiaries

The subsidiaries had debts of $103.3m.

First Resources Limited has sold its indirect subsidiaries PT Permata Putera Mandiri (PT PPM) and PT Putera Manunggal Perkasa (PT PMP) for $32,200 (IDR 405.6m).

The disposal follows the company’s acquisition of PT Austindo Nusantara Jaya Tbk (PT ANJ) in May 2025 and its decision to exit the oil palm plantation business in Indonesia’s West Papua province.

The two subsidiaries held around 7,400 hectares of oil palm plantations, a crude palm oil mill, and unplanted land bank.

As of 31 July 2025, they carried net financial debt of $103.3m (IDR 1.31t).

After the sale, PT PPM and PT PMP are no longer subsidiaries of the group.

First Resources said the transaction is not expected to materially affect its net tangible assets or earnings per share for the year ending 31 December 2025.

The disposals are classified as non-discloseable transactions under Singapore Exchange rules.

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia