SSEK Legal Consultants has acted as Indonesian counsel to POSCO International Corporation (PIC), with Bae, Kim & Lee as international counsel, in an equity transfer between PIC and its Singaporean holding company.
PIC established a holding company in Singapore, AGPA Pte. Ltd. (AGPA), in November 2021 as part of its plan to expand its palm oil business by acquiring more palm plantations and investing in factories to refine palm oil and produce biofuel. After the establishment of the holding company, the SSEK team helped PIC to transfer its 85% stake in its Indonesian plantation company, PT Bio Inti Agrindo (PT BIA), to AGPA.
As part of the equity transfer, SSEK assisted with the preparation of the transaction agreements/documents for the acquisition up to closing and other relevant agreements/documents for PT BIA shareholders’ approval of the transaction.
PIC is Korea’s largest trading company and a subsidiary of POSCO, one of the largest steel-making companies in the world.