Cargill Sells PNG Oil Palm PlantationsCargill Sells PNG Oil Palm Plantations
February 24, 2010
MINNEAPOLISCTP Holdings, a Cargill majority-owned company, agreed to sell its interest in oil palm plantations it owned and operated in Papua New Guinea to New Britain Palm Oil (NBPOL) for $175 million plus certain adjustments for stocks and capital expenditure. The sale is scheduled to close by end of April, and the agreement covers only CTPs oil palm assets in PNG. CTP Holdings continues to own and operate two oil palm plantations in Indonesia.
New Britain Palm Oil is the largest oil palm plantation owner and operator in PNG. All of its oil palm plantations are certified by the Roundtable on Sustainable Palm Oil (RSPO). The CTP properties NBPOL agreed to buy are in the process of earning RSPO certification.
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