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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

16/07/2003

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Business Times

CATEGORY

HEADLINE

SKB gets offer to set up oil palm refinery in Chin
July 15 2003 - SAWIT Kinabalu Bhd (SKB) has received an offer to set up anoil palm refinery and bulking installation plant in China.

SKB’s outgoing group managing director Datuk Wasli Mohd Said said theauthorities in China had already identified a site at a free trade zonenear Beijing for the purpose.

We are looking at the offer as an opportunity for us to start our businessforay in the global arena, he said, adding that such a venture wouldenable SKB to reach out to the vast market in China.

He said the offer from China is a recognition of SKB’s standing andreputation as a competent player in the palm oil industry.

SKB enjoys a good reputation outside (overseas) which we all should beproud of, he said.

Wasli was speaking to reporters at his office in Kota Kinabalu afterhanding over duty to the estate controller Salim Mohammad, who has beenappointed the acting group managing director.

Credited for making SKB one of the most successful state-ownedcorporations in Sabah, Wasli will be going on leave prior to hisretirement at the end of the year.

Formed as an investment arm of the Sabah Land Development Board (SLDB) in1996, SKB recorded a profit of RM120 million last year and its projectedprofit this year is expected to be more than that.

I believe the company will continue to make a meaningful contribution tothe State coffers by opening up more land, going into downstreamprocessing and expanding its business, he said.

SKB has to date planted 75,000ha with oil palm and it has eight mills witha processing capacity of 350 tonnes per hour.

On his future plans, Wasli, who is a respected corporate leader in thepalm oil industry and the chairman of East Malaysia Planters Association,said he is looking forward to becoming a successful Bumiputerabusinessman.