Greenlam Industries Acquires Entire Local Shareholding of PT. Greenlam Indo Pacific, Strengthening Its Hold in Indonesia

Greenlam Industries Ltd., through its wholly owned subsidiaries, Greenlam Asia Pacific Pte. Ltd. in Singapore and Greenlam Industries SDN. BHD. in Malaysia, has acquired the entire 33% local shareholding of PT. Greenlam Indo Pacific, a subsidiary of the Singapore Subsidiary in Indonesia. The acquisition, completed for a cash consideration of IDR 825,000,000, has resulted in PT. Greenlam Indo Pacific becoming a wholly owned (step-down) subsidiary of Greenlam Industries Limited. The acquisition aims to rationalize the group holding structure and minimize compliance requirements. The Target Entity, PT. Greenlam Indo Pacific, was incorporated on May 05, 2020, and is engaged in the wholesale trade of high pressure laminates and other paper and wood based products. The acquisition does not have any material impact on the operations of the Company.