LONDON--New Britain Palm Oil Ltd. (NBPO.LN) said Thursday it has
been advised by its major shareholder, Kulim (Malaysia) Berhad
(2003.KU) of plan to sell its entire 48.97% shareholding in the
company, and selected Sime Darby Berhad (4197.KU) as the preferred
bidder for its stake.
However, the integrated producer of sustainable palm oil said to
date it hasn't received any direct proposal from Sime Darby or any
other party with respect to the proposed acquisition of Kulim's
equity stake, nor as to the proposed terms of the transaction
between them.
Any transaction will be subject to the provisions of the PNG
Takeovers Code, it added.
New Britain Palm Oil shares at 1110 GMT down 2 pence, or 0.29%,
at 518 pence valuing the company at 778 million pounds ($1.32
billion).
-Write to Ian Walker at ian.walker@wsj.com
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