News Column

New Britain Palm Oil Won't Comment On Reported Shareholder Talks

June 16, 2014

Samuel Agini

LONDON (Alliance News) - New Britain Palm Oil Ltd Monday said it is "unable to comment on the status of discussions, if any" that may or may not have occurred between its major shareholder and other parties about a possible sale of its 48.97% stake in the company.

In a statement responding to press speculation, New Britain Palm Oil said "it is not known whether such discussions will or will not result in a change of control of the company or a formal takeover offer for all or part of the company's issued share capital."

According to New Britain Palm Oil, there has been recent press speculation that Kulim (Malaysia) Berhad, which owns the 48.97% stake, may dispose of all or part of its holding in the company.

Because it is incorporated in Papua New Guinea, New Britain Palm Oil is subjected to the PNG Takeovers Code. The City Code on Takeovers and Mergers of the UK doesn't apply to it. The Securities Commission of PNG is the regulatory body responsible for the supervision of any potential takeover offer, it said.

Under PNG rules, unless the other shareholders otherwise approve, a stake of more than 20% of a PNG company may only be acquired as part of a takeover offer which is open to all shareholders.

New Britain Palm Oil shares closed Monday at 415 pence, up 5.1%.

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Source: Alliance News

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