Saturday October 9, 2004 - THE physical part of the rationalisationexercise between Golden Hope Plantations Bhd (GHope) and Island &Peninsular Bhd (I&P) is to be completed by Nov 1 this year, said groupchief executive Datuk Sabri Ahmad.

Currently, we are discussing with Austral Enterprise Bhd in terms ofcreating synergy with them, he told reporters after GHope’s scholarshippresentation ceremony in Kuala Lumpur yesterday.

Under the rationalisation exercise, GHope will acquire 99.63% of AustralEnterprises, I&P’s plantation arm.

In return, I&P will buy three property development companies from GHope,60% of Golden Hope Development Sdn Bhd, 99% of Golden Hope Properties SdnBhd and 100% of Golden Hope Properties (Johor) Sdn Bhd.

Upon the completion of the rationalisation, GHope’s land bank will beabout 200,000 ha, producing about 700,000 to 750,000 tonnes of crude palmoil.

Sabri also assured that GHope had no retrenchment plan after therationalisation.

On another development, he said the group was planning to further expandits geographical presence through downstream refineries in oils and fats,including oleochemicals. We are considering countries like Ukraine and theWest Asian region such as Dubai, he added. Bernama