Corrected: Wilmar forms $170m oil palm JV

10 October 2007 04:34  [Source: ICIS news]

(This follows a correction from the company)

Correction: In the ICIS news story headlined “Wilmar forms $170m oil palm JV in Indonesia” dated 10 October, 2007, pleased read in the second paragraph …Indonesian firms Rimcapital Holdings and Josovina Commodities will respectively take 50% and 20% interest in the joint venture… instead of … 50% and 30% interest… A corrected story follows.

SINGAPORE (ICIS news)--Singapore’s Wilmar International has formed a $170m (€120.7m) joint venture with two firms to set up an oil palm plantation in Kalimantan, Indonesia, it said late on Tuesday.

Indonesian firms Rimcapital Holdings and Josovina Commodities will respectively take 50% and 20% interest in the joint venture while Wilmar will take the rest, Wilmar said in a statement on the Singapore Exchange (SGX).

The 40,000ha project will take some 30 months to see fruition, the company said.

Earlier this year, Wilmar merged with PPB Oil Palm, PGEO Group and Kuok Oils & Grains to form the world’s second largest oil palm plantation.

Separately, Wilmar has also set up a new subsidiary called Cleartech Research.

The purpose of establishing Cleartech was to form a joint venture with an individual known as Bernandus Prawoto to invest in the technology of recycling waste from palm oil mills in Indonesia, Wilmar said.

Cleartech will have an issued and paid-up capital of $100,000 of which Wilmar will own 60% of the equity share capital and Prawoto will hold the rest, it said.

($1 = €0.71)

By: Jeanne Lim
+65 6780 4359

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