SINGAPORE - Locally-listed Halcyon Agri Corporation announced Thursday its intention to acquire Anson Company for $450 million.
Anson owns and operates nine crumb rubber factories in Indonesia, with four in Palembang, two in Jambi, two in Northern Sumatra and one in Pontianak.
With its subsidiaries, Anson's factories have a licensed capacity of 408,000 metric tonnes a year.
In a statement to Singapore Exchange, Halcyon said that the terms of the agreement for the proposed acquisition were "currently under negotiation".
The rubber firm added that further announcements would be made for any developments or when "definitive agreements" have been entered into.
The announcement comes after a query by the local bourse over unusual trading of Halycon's shares last week, to which Halcyon had replied it was in "ongoing discussions with certain parties for a potential acquisition of assets and properties".
Halycon's shares have remained at 97.5 cents since it requested for a trading halt on Wednesday to make the announcement. It has since requested for the halt to be lifted.
The company has advised shareholders to exercise caution when trading in its shares and to consult their financial advisors if in doubt.