Holding(s) in Company

R.E.A.Hldgs PLC
24 June 2002


R.E.A. Holdings plc


R.E.A. Holdings plc (the 'company') announces that as detailed in the section
headed 'Funding of Makassar and refinancing of REA Kaltim' included in the
listing particulars issued to shareholders dated 26 April 2002 (the 'listing
particulars') and as included in the company's announcement on the same date,
Makassar Investments Limited ('Makassar') held an extraordinary general meeting
on 28 May 2002 at which the resolutions necessary to effect the company's
proposals were duly passed.

Immediately following the extraordinary general meeting, Makassar implemented a
rights offering in accordance with the company's proposals to raise up to $11
million, such offering to close on 14 June 2002. The company and Makassar
Participation plc ('MP'), a wholly owned subsidiary, took up their entitlements
in full, together subscribing a total of $5.6 million. No other Makassar
shareholder took up its entitlement.

As a result of the foregoing, the company, together with MP, has increased its
ownership of the ordinary share capital of Makassar from 51 per cent to 79 per
cent. With MP's ownership of 100 per cent of the preferred capital of Makassar,
the company and MP together now own some 84 per cent of the voting share capital
of Makassar.

The funds raised by Makassar are to be utilised in accordance with the financial
restructuring outlined in the listing particulars, and to place the finances of
Makassar and P.T. REA Kaltim Plantations (its 95 per cent subsidiary) on a more
secure footing.


ENDS

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