Agro Asia Pacifi Limited, a unit of Goodhope Asia Holdings Singapore, which in turn is a group company of Carson Cumberbarch Plc has offered to fully acquire Arani Agro Oil Industries, Premium Vegetable Oils Sdn Bhd and Premium Fats Sdn Bhd for RM 117.95 million from Premium Nutrients Bhd., The Star online reported.
Informing the Bursa Malaysia about the offer, Premium Nutrients said "the board will deliberate on the terms of the offer and on the next course of action. An announcement will be made once the board has made a decision".
According to the Premium Nutrients' website, 95% of the company's products are exported to over 50 countries including those in North America, Europe, the Middle East, and South Asia.
Its customers include Cadbury, Nestle, Kerry Ingredients (Malaysia), Bunge (Canada) and Kraft Foods.
Carson Cumberbatch PLC consolidated its plantation operations which were earlier under Buckit Darah PLC and Goodhope Asia Holddings Singapore only in Goodhope in the mid part of 2010 to expand plantation operations and integrate with industry value chain.
This was done through a share swap arrangement.
The shares of all the subsidiary companies of Carson Cumberbtach went up yesterday amidst heavy investor interest driven by high palm oil prices in international markets and the expected positive results from Carson group of companies.
According to foreign news reports the price of palm oil is approaching its peak as prices have surged 48 percent in the last six months as bad weather has hurt yields of oilseed and grain crops globally amid growing demand for cooking oils and food. Palm oil production in Malaysia, the second-largest grower after Indonesia, dropped to the lowest level in almost four years in January as floods hampered harvesting and cut yields amid the annual low-production season.
Palm oil output fell 14.2 percent from a month earlier to 1.06 million tons, the lowest level since February 2007 while stockpiles shrank to 1.4 million tons, the smallest amount since last July.
Close fight
The upward trend in the palm oil stocks has also resulted in Carson and its subsidiary companies going up in terms of market capitalization threatening Sri Lanka's Premier blue chip John Keells Holdings of its top place.
Carson subsidieary Bukit Darah PLC now seems to be in a close race with John Keells for the top position while its parent company is not very much far behind in the third slot.
source - www.dailymirror.lk
No comments:
Post a Comment