GRP (SGX:BLU) signed a non-binding agreement for the potential acquisition of a minority stake in Bintan Investment Management, a developer of an integrated industrial park in Indonesia's Bintan Island, according to a Tuesday filing with the Singapore Exchange.
The deal involves GRP's independent non-executive chairman, Chua Seng Kiat, Francis, aligning with the company's strategy to diversify into renewable energy and agriculture sectors.
A committee has been formed to evaluate terms, which include issuing consideration shares and a free warrants rights issue. The transaction requires shareholder approval, independent valuation, and a fairness opinion.
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