Completion of Acquistion
31 December 2009 - 7:04PM
UK Regulatory
TIDMPALM
RNS Number : 8743E
Asian Plantations Limited
31 December 2009
Asian Plantations Limited
("APL" or the "Company")
Completion of Acquisition
Asian Plantations Limited (LSE: PALM), a palm oil plantation company with
operations in Malaysia, is pleased to confirm that it has completed the
acquisition announced on 15 December 2009. The Company is now the legal owner of
the entire issued share capital of Jubilant Paradise Sdn Bhd and Incosetia Sdn
Bhd, which owns a partly developed palm oil plantation totalling approximately
5,850 hectares in Sarawak, Malaysia (the "Acquisition").
The terms of the Acquisition remain consistent with those announced previously.
Graeme Brown, APL's Joint Chief Executive Officer, commenting on the completion
of the Acquisition, said:
"We are delighted to complete the Acquisition ahead of the previously announced
timetable. In addition to a significantly enlarged land bank, APL is now also
revenue generating as we are collecting fresh fruit bunches from Incosetia's
planted fields. We have already selected the new nursery area for Incosetia and
the first seedlings arrive in February for poly-bag planting in preparation for
in-field planting by year-end 2010.
In tandem with the completion of the Acquisition, the Company has also conducted
a social survey of the adjacent communities to the Incosetia plantation and will
initiate, in February, a gravity-fed clean water system for approximately 25
families in two separate longhouses. This water system will be similar to that
built by the Company for the Apa Gun communities outside the BJ plantation. The
Apa Gun community project supplies clean water, via a 2.1 kilometre piping
system, to 30 families in one longhouse community located approximately 14
kilometres from the BJ plantation."
For further information contact:
+---------------------------------------+--------------------------------+
| Asian Plantations Limited | Tel: +65 9878 4171 |
| Dennis Melka, Joint Chief Executive | Tel: +60 19 8560221 |
| Officer | |
| Graeme Brown, Joint Chief Executive | |
| Officer | |
| | |
+---------------------------------------+--------------------------------+
| Strand Hanson Limited | Tel: +44 (0)20 7409 3494 |
| James Harris | |
| Paul Cocker | |
| | |
+---------------------------------------+--------------------------------+
| Mirabaud Securities LLP | Tel: +44 (0)20 7878 3360 |
| Rory Scott | |
| | |
+---------------------------------------+--------------------------------+
| Bankside Consultants | Tel: +44 (0)20 7367 8871 |
| Simon Rothschild | Tel: +44 (0)20 7367 8874 |
| Oliver Winters | |
| | |
+---------------------------------------+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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