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MALAYSIA PRESS-Secondary listing for New Britain Palm Oil in the works-The Edge
June 24, 2013 / 12:21 AM / 4 years ago

MALAYSIA PRESS-Secondary listing for New Britain Palm Oil in the works-The Edge

Kulim (Malaysia) Bhd’s latest move to increase its stake in New Britain Palm Oil Ltd (NBPOL) is just the start of a plan to extract more value from the latter as the group considers a secondary listing of the London-listed planter in Singapore.

“This makes sense as the investment pool (for palm oil related securities) is mostly in Asia,” says a source.

However, it is understood that NBPOL must get the blessing of the Papua New Guinea government before the plan can proceed.

Kulim is NBPOL’s largest shareholder with a 48.97 percent stake, followed by the West New Britain Province Government with 8 percent.

Last Thursday, Kulim proposed a partial offer to acquire up to 20 percent equity interest or about 30 million shares in NBPOL for 165 mln pound sterling (815.6 mln rgt) or 550 pence a piece.-The Edge.

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