Level 2

MP Evans Group completes sale of stake in Indonesian oil plantation

By Maryam Cockar

Date: Friday 17 Mar 2017

MP Evans Group completes sale of stake in Indonesian oil plantation

(ShareCast News) - AIM-listed investor MP Evans Group has completed the sale of its 36.84% stake in the PT Agro Muko palm oil plantation in Indonesia to Belgian Sipef Group, an agro-industrial firm, for $100m.
Following the sale, the company will pay a special dividend of 10p per share.

The sale is part of the company's strategy to sell its minority-held Indonesian estates which it does not manage in order to buy or develop its own, directly managed new projects.

It is currently reviewing a prospective investment in a new, developed oil-palm project to replace at least the equivalent of the 7,200 hectares in PT Agro Muko for a 36.84% stake, and is also in talks to buy two projects near its existing East Kalimantan project.

Chairman Peter Hadsley-Chaplin said: "The group's sale of its shareholding in Agro Muko is an important milestone in realizing its strategy to have majority control of all its operations. This sale will enable the group to sustain its impressive track record of growth through the acquisition of a mixture of newly planted plantations and plantation land for development."

Shares in MP Evans Group were up 1.98% to 784.70p at 1314 GMT.


Email this article to a friend

or share it with one of these popular networks:

Top of Page