Malaysian palm-oil producer Asian Plantations (PALM) has followed up its first-half results with the proposed acquisition of a 7,000 hectare parcel of land.
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The deal, valued at a shade less than $15m and paid for in three tranches, furthers Asian Plantation's aim of building a sizeable palm plantation in Sarawak. The new acreage is next to existing plantations and takes the total land held to 27,770 hectares. The deal is scheduled to complete early next year and management expects planting of 22,000 hectares to be complete by 2014.
Meanwhile, first-half results for 2012 showed the sale of 6,065 tonnes of fresh fruit bunches and valued Asian Plantations’ total assets at $175m. A crushing mill should be commissioning by the end of the year.
