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PTT subsidiary takes over Indonesian palm oil firm

 


April 28, 2008

ENERGY/ACQUISITION
PTT subsidiary takes over Indonesian palm oil firm

Singapore-based PTT Green Energy Co. Ltd. (PTTGE), a subsidiary of Thailand's largest oil firm PTT Pcl Ltd., has gained control of Indonesia's PT.Az.Zhara which is engaged in growing palm oil on Kalimantan Island, PTT president Prasert Bunsumpun said Sunday.

Under a recent purchase agreement, PTTGE bought 95 per cent of the total shares from previous shareholders of PT. Az.Zhara for US$22.27 million, said Mr. Prasert.

The takeover was conducted through Sabran Brothers Pte. Ltd. in Singapore which is a subsidiary of PTTGE, he said.

Currently, PT.Az. Zhara has a fully paid-up capital of one billion Indonesian rupiah (about US$126,180) and has 1,000 ordinary shares. The company grows palm trees and produces palm oil on Kalimantan Island.

Owning about 40,500 hectares of land on the island, the company is planning to construct a plant producing crude palm oil and the construction is expected to be complete around 2012 or 2013. Product obtained from the new plant will be sold to Indonesian buyers and also for exports.




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