Malaysia's Sime Darby completes US$1.74b New Britain Palm Oil buy
[KUALA LUMPUR] Sime Darby Plantation Bhd, the plantation arm of Malaysia's conglomerate Sime Darby Bhd, has completed US$1.7 billion acquisition of Papua New Guinea-based New Britain Palm Oil Ltd (NBPOL), the company said on late Monday.
The move will add 135,000 hectares of land to Sime Darby Plantation's total land bank to almost one million hectares spread out over five countries, according to a statement.
"As a well-managed company with an experienced management team, NBPOL will immediately contribute to the bottom line of Sime Darby Plantation," Sime Darby Plantation's managing director Franki Anthony Dass said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East fears
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates