Friday November 26, 2004 - PPB Oil Palms Bhd has agreed to acquire a 65%stake in Indonesian oil palm company PT Karunia Kencana Permaisejati forRM650mil.
PPB Oil Palms said it would acquire the stake from several individuals.The company did not identify the sellers.
It said it would make the purchase through its wholly-owned unit, DexasInvestments Ltd.
The company said the proposed acquisition would enable it to furtherdevelop its oil palm plantation area, as part of its long-term businessexpansion plan.
It added that the purchase would have no effect on its share capital orshareholding structure because it would be made in cash from internalresources. - AFX-Asia