TIDMNBPO

RNS Number : 9873S

New Britain Palm Oil Limited

30 September 2014

30 September 2014

New Britain Palm Oil Limited

("NBPOL", the "Group" or the "Company")

UPDATE ON PROPOSED DIVESTMENT OF KULIM (MALAYSIA) BERHAD'S

ENTIRE EQUITY INTEREST IN NEW BRITAIN PALM OIL LIMITED

New Britain Palm Oil Limited (LSE: NBPO; POMSoX: NBO), one of the world's largest fully integrated producers of sustainable palm oil, announces the following update regarding the proposed divestment by its major shareholder, Kulim (Malaysia) Berhad ("Kulim"), of its 48.97% stake in NBPOL (the "Transaction").

The Company notes the respective announcements today by Kulim and Sime Darby Berhad to the Bursa Malaysia regarding the status of negotiations between the parties. An extract from Kulim's statement is set out below:

"We refer to the announcement dated 31 July 2014 in relation to the above matter.

On behalf of the Board of Directors of Kulim ("Board"), RHB Investment Bank Berhad wishes to announce that following the expiry of the exclusivity period under the exclusivity agreement entered between Kulim and Sime Darby Berhad ("Sime Darby"), Kulim was on 30 September 2014 notified by Sime Darby of its decision not to pursue the Transaction.

In view of the above, the Board will consider another party for the Transaction. Further announcement, where required, will be made in due course."

A full copy of the announcements can be downloaded at www.bursamalaysia.com.

The Company will continue to update its shareholders of any further material developments in connection with the Transaction.

Enquiries:

 
   New Britain Palm Oil Limited             Tel (UK): +44 (0)20 7472 5936 
    Nick Thompson (Chief Executive           Tel (Singapore): +65 6227 6247 
    Officer) 
    Alan Chaytor (Executive Director) 
    Amir Mohareb (Chief Financial Officer) 
    Ben Oakley (Corporate Development 
    and IR) 
   Newgate Communications (PR Adviser)      Tel: +44 (0)20 7680 6550 
    James Benjamin                           Email: nbpol@newgatecomms.com 
    Clotilde Gros 
    Georgia Lewis

Website: www.nbpol.com.pg

Notes to editors:

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea ('PNG'). It has over 79,800 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; twelve oil mills; two refineries, one in PNG, and one in Liverpool, UK; and a seed production and plant breeding facility. The Company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.

NBPOL is fully vertically integrated, producing its own seed (which it also sells globally), planting, cultivating and harvesting its own land, and processing and refining palm oil (both in PNG and the UK). It also contracts directly with its end customers in the EU and arranges shipping of its products.

NBPOL has high regard for the importance of its sustainability credentials. It has achieved 100% certification of all estates, mills and smallholders to the Roundtable on Sustainable Palm Oil ('RSPO') standard. NBPOL continues to be active in proving its performance through its certification to ISO 14001 and its close involvement with other innovative initiatives. The Company is a certified supplier of sustainable palm oil from its entire production base in PNG and Solomon Islands, under the RSPO guidelines."

- ENDS -

This information is provided by RNS

The company news service from the London Stock Exchange

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