New Britain Palm Oil buys remaining 20 pct of Kula Palm Oil

New Britain Palm Oil buys remaining 20 pct of Kula Palm Oil

New Britain Palm Oil (LON:NBPO) has now acquired the remaining 20 per cent of Kula Palm Oil Ltd (KPOL) from the Independent Public Business Corp of Papua New Guinea (IPBC).

It had completed the acquisition of an 80 per cent stake in the business in April 2010, when it was still called CTP Ltd.

NBPO has paid 3,337,147 new company shares for the minority stake.

The company is still negotiating the acquisition of an additional minority shareholding from New Ireland Development Corp in another NBPO subsidiary, Poliamba Ltd.

NBPO is considering the issuance of additional new shares to a trust, New Britain Nominees Ltd, which will hold them for transfer to Papua New Guinea landowners in imminent and future land acquisitions.

Further announcements will be made in due course.

NBPO is a large scale producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea.

It has over 78,000 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture.

The company operates twelve oil mills, two refineries - one in Papua New Guinea and one in Liverpool - and a seed production and plant breeding facility.

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