08-06-2005 - Asiatic Development Bhd has entered into several jointventures to develop a total of 98,300 hectares of oil palm plantation inWest Kalimantan, Indonesia.

Asiatic would own 70% stake in the five joint ventures with its fiveIndonesia partners PT Unggul, PT Bandel, PT Bagus, PT Mandira and PT Primahaving 30% shareholding in each of the ventures, the company announced onJune 8.

Asiatic said the joint ventures were in line with the company’s long-termstrategy in increasing its interests in the palm oil industry and itsaspiration to become a major player in the industry.

The terms for the land use are not less than 35 years with right ofextension for another 25 years.