First Resources Limited Nears Full Control of PT Austindo Nusantara Jaya After Successful Mandatory Tender Offer

Key Points Investors Must Know

• First Resources Limited (FRL) completes a major step in acquiring PT Austindo Nusantara Jaya, Tbk (ANJT), one of Indonesia’s leading agribusiness firms.
• FRL now holds 95.92% of ANJT directly and 2.47% indirectly through its subsidiary, PT Ciliandra Perkasa—totaling 98.39% ownership.
• The company acquired 159,236,789 shares, representing 4.75% of ANJT, through the Mandatory Tender Offer (MTO), following its earlier acquisition of 91.17% of ANJT from the controlling shareholders.
• The MTO price was determined according to Indonesian Financial Services Authority regulations, potentially at a premium to market price.
• Only 2.61% of ANJT’s shares remain outside FRL and its subsidiaries, raising the likelihood of future delisting or compulsory acquisition.

Strategic Implications and Price-Sensitive Insights for Shareholders

This development marks a near-total consolidation of ANJT under FRL, a move that could dramatically reshape both companies’ futures. Here’s why investors should pay close attention:

• Potential Share Price Impact: With FRL now controlling nearly all of ANJT, speculation may rise over the remaining minority shares. Investors may anticipate a squeeze-out or delisting, which could affect liquidity and share valuation of ANJT.
• Operational Synergies: FRL’s near-total ownership enables deeper operational integration, cost rationalization, and strategic alignment across its Southeast Asian palm oil and agribusiness assets.
• Market Reactions: The acquisition price for the tendered shares was set at the higher of the 90-day average trading price or the price FRL paid for its initial stake—suggesting a premium offer to minority shareholders. This could set a benchmark for future deals in the agribusiness sector.
• Future Corporate Actions: With 98.39% of ANJT now under FRL’s control, investors should watch for potential delisting or compulsory acquisition of outstanding shares, which may impact investment strategies for both FRL and ANJT shareholders.
• Regulatory Compliance: The transaction followed Indonesia’s strict takeover and tender offer regulations, enhancing FRL’s credibility in executing large cross-border deals.

Transaction Details

FRL acquired 3,057,981,688 shares (91.17%) of ANJT from the previous controlling shareholders under a conditional share purchase agreement signed in March 2025. After this, FRL was required to launch a mandatory tender offer for up to 296,193,312 remaining shares (8.83%). PT Ciliandra Perkasa, FRL’s majority-owned subsidiary, had already purchased 88,544,146 shares on the open market before the MTO, leaving 207,649,166 shares available under the offer.

During the MTO period (26 August to 24 September 2025), FRL successfully acquired 159,236,789 shares (4.75%), raising its direct stake to 95.92%. PT Ciliandra Perkasa holds 82,837,946 shares (2.47%), resulting in a combined ownership of 98.39%.

The total cash consideration for the shares acquired prior to the MTO was approximately IDR 157.94 billion (US\$9.73 million), and the MTO price was set based on a regulatory formula that may have offered minority shareholders a premium.

What Investors Should Watch Next

• Will FRL move to acquire the remaining 2.61% of ANJT shares, leading to a full privatization or delisting?
• How will FRL leverage its dominant position in ANJT to drive future growth and shareholder returns?
• Could there be further strategic actions, such as asset restructuring, dividend policy changes, or new regional expansions?

Conclusion

FRL’s successful consolidation of ANJT is a major event in the Southeast Asian agribusiness landscape, with the potential to trigger significant share price movements, corporate actions, and sector-wide strategic shifts. Investors should remain vigilant for updates on FRL’s next moves regarding the remaining minority shares, integration strategies, and any regulatory disclosures.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to perform their own due diligence and consult their financial advisors before making any investment decisions. The author does not hold any position in the securities mentioned at the time of writing.

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