MARKET DEVELOPMENT
Felda Global's Plans on New Britain Palm Oil at Early Stage
Felda Global's Plans on New Britain Palm Oil at Early Stage
19/05/2014 (The Star) - Plantation giant Felda Global Ventures Holdings Bhd (FGV) says it is looking at New Britain Palm Oil (NBPOL) as part of its growth strategy.
A spokesperson said in a statement, plans with reference to NBPOL were at a preliminary stage.
“We have yet to initiate any formal discussions and plans are purely at a preliminary stage at this juncture.”
On Saturday, StarBizWeek reported that FGV had set its sights to acquire a major stake in London Stock Exchange-listed NBPOL, which has a market capitalisation of £615.2mil (RM3.34bil).
Kulim (M) Bhd currently holds 48.97% in NBPOL.
“In line with our growth strategy, we are exploring all opportunities to expand our upstream business,” the spokesperson said, adding that if and when the group had anything conclusive to announce pertaining to this matter, it will do so according to disclosure requirements.
“We would also like to highlight, for FGV to become one of the top 10 agri-commodity players in the world in 2020, we are always looking out for any potential prospects that support our growth strategy,” the spokesperson added.
NBPOL which is based in Papua New Guinea (PNG), has 77,000ha of oil palm plantations in PNG and the Solomon Islands, 12 palm oil mills and one refinery each in PNG and Liverpool. The group is also the largest domestic sugar and beef producer in PNG via its over 7,700ha sugar cane plantations and 9,200ha of grazing pastures as well as a seed production and palm breeding facility.
A spokesperson said in a statement, plans with reference to NBPOL were at a preliminary stage.
“We have yet to initiate any formal discussions and plans are purely at a preliminary stage at this juncture.”
On Saturday, StarBizWeek reported that FGV had set its sights to acquire a major stake in London Stock Exchange-listed NBPOL, which has a market capitalisation of £615.2mil (RM3.34bil).
Kulim (M) Bhd currently holds 48.97% in NBPOL.
“In line with our growth strategy, we are exploring all opportunities to expand our upstream business,” the spokesperson said, adding that if and when the group had anything conclusive to announce pertaining to this matter, it will do so according to disclosure requirements.
“We would also like to highlight, for FGV to become one of the top 10 agri-commodity players in the world in 2020, we are always looking out for any potential prospects that support our growth strategy,” the spokesperson added.
NBPOL which is based in Papua New Guinea (PNG), has 77,000ha of oil palm plantations in PNG and the Solomon Islands, 12 palm oil mills and one refinery each in PNG and Liverpool. The group is also the largest domestic sugar and beef producer in PNG via its over 7,700ha sugar cane plantations and 9,200ha of grazing pastures as well as a seed production and palm breeding facility.