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NewsHighlight Sime Darby in exclusive discussions with Kulim to buy stake in NBPOL
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Highlight Sime Darby in exclusive discussions with Kulim to buy stake in NBPOL
by Cals Fri 01 Aug 2014, 02:09
| Highlight Sime Darby in exclusive discussions with Kulim to buy stake in NBPOL |
| Business & Markets 2014 |
| Written by Shalini Kumar of theedgemalaysia.com |
| Thursday, 31 July 2014 21:10 KUALA LUMPUR (July 31): Kulim Bhd has entered into exclusive discussions with Sime Darby Bhd to sell its entire stake in New Britain Palm Oil Ltd (NBPOL). "Kulim had on July 31 sent a letter to the board of directors of NBPOL and the relevant government authorities in Papua New Guinea (PNG), informing them of Kulim’s intention to sell its entire equity stake in NBPOL to Sime Darby," it said in a filing with Bursa Malaysia. Kulim said the discussions were to "finalise the terms of the transaction for a period of 60 days (or such longer period to be mutually agreed)". In a separate filing tonight, Sime said it was the "preferred party", selected by Kulim to negotiate the terms of the sale. Kulim owns a 48.97% stake in NBPOL, but it does not run operations. It was earlier reported that Kulim was keeping its options open, with regards to divesting its stake. Seven parties, including four Malaysian plantation groups, had expressed their interest in acquiring a major stake in NBPOL, which owns 77,000 hectares of oil palm plantations in PNG and the Solomon Islands. |
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