Bidding process for NBPOL to start early July, says FGV

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KUALA LUMPUR: Plantation giant Felda Global Ventures (FGV) said the bidding process for its proposed acquisition of New Britain Palm Oil Ltd (NBPOL) in Papua New Guinea (PNG) will commence in the first week of July.

FGV president and chief executive officer Mohd Emir Mavani Abdullah said the group is still in discussions on the acquisition with the appointed advisors.

“They have their own schedule in terms of the process of this acquisition.

“We will follow what the advisors have scheduled for this bidding process,” he told reporters after the company’s annual general meeting here yesterday.

Mohd Emir also said that the talks now are limited to its planned stake buy of Kulim (M) Bhd’s 49 per cent stake.

However, he did not give any definite timing on when it will likely be concluded.

FGV is keen on a stake in NBPOL as the latter’s plantations in PNG offer higher yields compared with plantations in Malaysia and Indonesia.

Mohd Emir said plantations in PNG could produce 26 to 27 tonnes of oil palm fresh fruit bunches per hectare.

“Having a stake in an established player would expedite the group’s expansion, which also prompted FGV’s interest in purchasing the firm (NBPOL),” he said.

Nonetheless, Mohd Emir also declined to specify the price FGV was willing to pay for the stake.

Last month, the group was reported to be looking at several brownfield plantations including NBPOL’s assets as part of its oil palm plantation unit’s plan to expand through acquisitions. — Bernama

He also said the group is looking at UK-listed Asian Plantations Ltd’s plantation assets.

“We are still evaluating various aspects of the planned acquisition of Asian Plantations’ assets,” added Mohd Emir. — Bernama