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Malaysia's Sime Darby completes US$1.74b New Britain Palm Oil buy

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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.

[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