8/12/05 (The Star) - PPB Oil Palms Bhd has proposed to buy a 95.1% stake in PT Malindo Lestari Plantations for US$48,719. 

The company said in a statement to Bursa Malaysia that Malindo planned to develop up to 10,400 hectares in Kotawiringin Timur Regency, Central Kalimantan, into an oil palm plantation.

It added that the proposed acquisition was conditional on the approval of the Indonesian Investment Coordinating Board.

PPB Oil said the proposed acquisition was part of its long-term objective to expand its oil palm operations in the region, taking advantage of suitable agricultural land and labour resources. 

The Malindo land would provide further economies of scale for the group’s oil palm operations in Central Kalimantan, including the development of supporting infrastructure, it added. – AFX-Asia