30/08/2013 (Bernama) - New Britain Palm Oil Ltd (NBOL), one of the world's largest fully-integrated producers of sustainable palm oil, it is seeking advice on the implications of the code amendment for the company and the Kulim (M) Bhd.

In a statement, NBOL said the Papua New Guinea (PNG) Minister for Trade, Commerce and Industry on Tuesday approved an amendment to the Takeovers Code 1998 of PNG enabling the Securities Commission of PNG to prevent the takeover of a code company where the commission deems such takeover to be contrary to the national interests of PNG.

Following this, SCPNG has made orders under the amended PNG Code on substantially the same terms as those made by it on Aug 20, 2013, it said.

After due deliberation, Kulim has commenced proceedings in the National Court of PNG to have the orders set aside and enable it to complete the partial offer.

At the time of the announcement, a total of 4.88 million acceptances, representing 3.26 per cent of the total shares outstanding in NBPOL, had been received.

NBPOL is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.