First Resources (SGX:EB5) shares are soaring 3.33% in Monday's trading session, following news of a significant acquisition in the Indonesian palm oil sector. The stock's surge reflects investor optimism about the company's strategic move to expand its market presence.

According to a filing on the Singapore Exchange last Friday, First Resources has stepped in to acquire a 91.17% stake in PT Austindo Nusantara Jaya Tbk, an Indonesian palm oil firm. This $329.8 million deal, originally announced in March, involves the purchase of over 3 billion shares. First Resources is taking over the acquisition from its majority-owned unit PT Ciliandra Perkasa under a novation agreement.

The market's positive reaction suggests that investors view this acquisition as a strategic move that could potentially boost First Resources' market position and future growth prospects in the palm oil industry. The company is also expected to initiate a mandatory tender offer for the remaining 8.83% stake in PT Austindo Nusantara Jaya Tbk, further solidifying its control over the acquired company. This development marks a significant expansion for First Resources in the competitive Southeast Asian palm oil market.