Friday, 13 April 2012

Genting Plantations- Sin Tek Huat JV to cultivate oil palm in Indonesia

KUALA LUMPUR (April 13) : Genting PLANTATION []s Bhd will acquire a controlling 63.2% stake in a joint venture (JV) company for US$116 million (about RM355 million), a move which will give the acquirer access to some 74,000 ha of oil palm plantation in Kalimantan, Indonnesia.

In a statement to Bursa Malaysia on Friday, Genting Plantations said it will jointly own the Singapore-based JV entity Global Agripalm Investment Holdings Pte Ltd with Global Agrindo Investment Co Ltd which will hold the remaining stake. Global Agrindo is part of Indonesia-based Sin Tek Huat Group.

“The proposed JV is in line with Genting Plantations’ long-term strategy to increase its interest in the palm oil industry, consistent with its confidence in the continued growth prospects of the industry.

“The proposed JV represents another positive step by Genting Plantations group towards realising its vision of establishing itself as a major player in the industry,” the firm said.

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