CRUSHED limestone producer GCCP Resources has entered a non-binding Memorandum of Understanding to fully acquire an Indonesian palm oil producer for S$220.3 million, resulting in a reverse takeover of the Catalist-listed firm.
The S$220.3 million consideration will be paid via the issue of 3.67 billion shares of GCCP, at an issue price of S$0.06 to the vendors of the deal, Premier Palmoil Energy and Oilim Agriculture. All parties plan to retain GCCP's limestone quarry business in the company post-RTO. "This favourable age profile positions the target well for strong production growth… The target has plans to process its CPO and PK into higher-value palm-based products such as biodiesel, palm kernel oil and refined, bleached and deodorised oleins," GCCP said in its filing.
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