12/08/2013 (Reuters) - New Britain Palm Oil Ltd independent directors' decision to unanimously reject the 20 percent partial offer launched by Kulim (Malaysia) Bhd may have thrown a spanner in the latter's plan to list the plantation firm in Singapore.

Kulim proposed last month to launch a partial offer to acquire up to 20 percent equity interest, or about 30 million shares, in New Britain Palm Oil, for 165 million pounds or 5.50 pounds per share.

However, Kulim is facing an uphill task to raise its stake in the London-listed plantation firm, which owns plantations in Papua New Guinea. New Britain Palm Oil's independent directors last Thursday advised shareholders to reject the partial offer.