The Malaysian-based Sime Darby Plantation, which is the world’s largest producer of certified sustainable palm oil, has made an offer of £7.15 per share, which NBPOL’s board urged shareholders to accept.
NBPOL’s board has established an independent committee to assess the offer and ensure legal compliance is met under the Takeovers Code 1998 of Papua New Guinea.
If the shareholders accept Sime Darby Plantation’s offer, the takeover is expected to be completed by the end of December this year, according to board members.
“We are pleased to be able to present this transaction to our shareholders for their consideration,” said Antonio Monteiro de Castro, chairman of NBPOL.
The offer would provide an opportunity for all shareholders to realise their investment in the company, he added.