First Resources Limited Singapore

First Resources shareholder sells stake at S$1.48/share

Jan 20 (Reuters) – Singapore-listed palm oil firm  First Resources’ said on Thursday its main shareholder, Eight Capital, has sold 75 million shares of the company at S$1.48 each, raising S$111 million ($86.5 million).

First Resources also said Citigroup has completed a placement of 15 million treasury shares held by the company.

The selling price was at the bottom of the S$1.48 to S$1.55 range that the company, according to a term sheet seen by Reuters on Wednesday, and was 8 percent lower than its closing price of S$1.61.

First Resources said in a statement to the Singapore Exchange that the placement was its first ever since the IPO in December 2007 and was made to improve the free float and trading liquidity of the company.

The firm said as the result of the placement, Eight Capital’s stake in the company fell to 68 percent from 74 percent previously, and the free float has increased to 25 percent.

Citigroup is the sole bookrunner for the placement. (Reporting by Harry Suhartono; Editing by Dhara Ranasinghe)

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http://www.reuters.com/article/idUSL3E7CK00N20110120

First Resources Limited Singapore

http://www.first-resources.com

First Resources Limited is one of the leading oil palm plantation companies in Indonesia. We are an upstream operator with primary business activities in the cultivation and harvesting of oil palms, and the processing of fresh fruit bunches into crude palm oil for local and export sales. Established in 1992, we are one of the fastest-growing plantation companies in the region. Today, we manage more than 100,000 hectares of planted oil palm plantations and operate 8 palm oil mills in Indonesia. Our plantations produced approximately 1.5 million tons of fresh fruits bunches and 368,000 tons of crude palm oil in 2009.

First Resources Limited Singapore

http://www.first-resources.com

First Resources is one of the fastest-growing crude palm oil producers. Established in 1992, we have grown our plantation under management at a rapid rate to over 116,000 hectares.

The Group’s key activities are cultivating oil palms, harvesting the fruits and processing them into crude palm oil and palm kernel for sale to the local and export markets. Our plantations and processing mills are strategically located in the Riau and West Kalimantan provinces of Indonesia.

The Group’s expertise in plantation management and our emphasis on cost efficiencies has enabled First Resources to achieve yields and margins that rank among the highest in the industry.

Our consistent planting strategy has resulted in a young plantation profile, which currently averages at 8 years old. This plantation profile positions the Group well for strong production growth over the next few years.

Plantation Profile

Processing Capacity

First Resources Limited

8 Temasek Boulevard
#36-02 Suntec Tower Three
Singapore 038988
Tel: +65 6333 6788
Fax : +65 6333 6711

General Enquiries:     contactus@first-resources.com
Human Resources:    hr@first-resources.com
Marketing Enquiries:  marketing@first-resources.com
Investor Relations:     investor@first-resources.com

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