Asian Plantations Limited, a growing palm oil production company with operations in Sarawak, Malaysia has comfirmed that they have completed the 5,850 hectare acquisition announced on December 15 2009 ahead of schedule. Asian Plantations is now the legal owner of the entire issued share capital of Jubilant Paradise Sdn Bhd and Incosetia Sdn Bhd, owners of a partially developed palm oil plantation.
Graeme Brown, the Joint Chief Executive Officer of Asian Plantations, commented on the completion of the acquisition.“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 havealready 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.”
Thus far Brown’s timetables for the bourgeoning company have been right on schedule, including their goal to purchase and begin harvesting the initial 5,000 hectare estate and then to become listed on the AIM. The latest acquisition is the second of a three prong plan for expansion. Browne has plans to meet the rising demand for palm oil by once again doubling the size of the estate by the close of 2011.
About Asian Plantations Limited
Asian Plantation Limited is a Singapore incorporated company with 100 % owned Malaysian subsidiaries involved in the acquisition and development of palm oil plantation land in Sarawak, Malaysia. The company’s business strategy is to acquire under-priced, properly zoned agricultural land, which can be developed into high quality mature palm oil estates. The company became listed on the AIM sector of the London Stock Exchange in 2009.
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