New Britain Palm Oil Limited (NBPOL) acquired 100% Equity Interest in Markham Farming Company Limited (MFCL)

23 August 2018 - New Britain Palm Oil Limited (NBPOL) completed the acquisition of 100% equity interest in Markham Farming Company Limited (MFCL) for a total cash consideration estimated at USD52.6 million (equivalent to approximately RM215.6 million), from Markham Agro Pte. Ltd. (MAPL), a private limited company incorporated in Singapore. In addition to this, NBPOL also assumed outstanding net debt of MFCL and MAPL totalling approximately USD11.0 million. The final purchase consideration and the eventual total cash outlay to be paid by NBPOL will be subject to the findings of a post-completion audit.

MFCL, a private limited company incorporated in Papua New Guinea (PNG) owns 6,110 hectares of agriculture land in Markham Valley, PNG, comprising two estates, i.e. Munum (1,733 hectares) and Erap (4,377 hectares). The total plantable area is about 5,713 hectares, of which about 4,018 hectares has been planted with oil palm to date. The oil palm plantation is well located close to Lae, PNG’s largest port and has the ability to integrate with NBPOL’s existing supply chain. 

MFCL also operates two copra mills in Buka and Madang, PNG, with a total combined copra throughput capacity of 55,000 MT per annum. It is the largest coconut oil exporter in PNG and its acquisition by NBPOL enables Sime Darby Plantation to expand its lauric oils business into coconut oil production. 
Your shopping cart is empty.