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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