PT Evans Indonesia signed a conditional agreement to acquire PT Agro Bumi Kaltim and PT Nusantara Agro Sentosa from PT Palma Serasih Tbk (IDX:PSGO) for $60 million on September 7, 2023. The acquisition, the price of which is on a cash and debt-free basis, will be funded from existing resources, plus a final adjustment to allow for working capital on completion. The transaction is subject to the completion of legal and regulatory formalities in Indonesia, which the Group expects to be finalized before the end of 2023.

Adrian Trimmings, Andrew Clark and Lalit Bose of Peel Hunt LLP acted as financial advisor for M.P. Evans Group PLC.