Tien Wah Press completes RM34.1m Indonesian factory purchase in Malang
Printing and packaging group Tien Wah Press Holdings Bhd has completed a 150 billion rupiah (about RM34.1 million) acquisition of five land parcels and buildings in Malang, East Java, through its 51%-owned subsidiary PT Bintang Pesona Jagat. The properties, held under building-use rights titles expi
PETALING JAYA (Oct 22): Printing and packaging group Tien Wah Press Holdings Bhd (TWPH) has completed a 150 billion rupiah (about RM34.1 million) property acquisition in Malang, Indonesia. In a Bursa Malaysia filing Wednesday (Oct 21), TWPH said its indirect 51%-owned subsidiary, PT Bintang Pesona Jagat (BPJ), completed the purchase of five land parcels and their buildings from PT Bentoel Prima that day.
All conditions precedent under the binding sale and purchase agreement were fulfilled, making it unconditional. BPJ then executed five sale and purchase agreements and satisfied the relevant completion arrangements. According to the earlier acquisition announcement, the properties comprise approximately 23,393 sq m (251,800 sq ft) of land at Jalan Perusahaan No. 48, Banjararum Village, Singosari District, Malang Regency, East Java.
The factory and office premises are held under Hak Guna Bangunan, or building-use rights titles, expiring between 2041 and 2045. BPJ, which provides tobacco packaging printing and general packaging services, had been leasing the factory from the seller for about 514 million rupiah a month.
TWPH had said the acquisition would allow BPJ to continue operating at its existing production facility beyond the tenancy’s expiry, avoiding substantial relocation costs and potential operational disruption. The group had also said the purchase was expected to improve logistics efficiency as the premises are opposite BAT’s factory, and support BPJ’s participation in BAT’s tender for a proposed five-year supply contract covering 2027 to 2031.
The purchase price excludes value-added tax of 16.5 billion rupiah. Independent valuer KJPP Yufrizal, Deny Kamal dan Rekan valued the properties at approximately 164.65 billion rupiah as at Aug 25, 2025.
TWPH had disclosed that the acquisition would be financed through internally generated funds and/or bank borrowings. BPJ had received an offer from PT Bank OCBC NISP Tbk for a 10-year term loan of 120 billion rupiah to part-finance the purchase, at a floating interest rate of 7.5% per annum. The ringgit equivalents use the exchange rate of RM1 to 4,402.46 rupiah stated in the Oct 1 announcement.
