NBPOL completes CTP PNG take-over

THE New Britain Palm Oil Limited (NBPOL), a large scale integrated industrial producer of sustainable palm oil, has completed its acquisition of the 80% of shares in CTP (PNG) Limited, according to a statement in its website.Two months ago, the company announced the proposed acquisition of CTP PNG for a considered price of US$175 million (about K482 million) payable in cash, plus an additional consideration in relation to stocks and capital expenditure.NBPOL said the completion of the CTP PNG acquisition was conditional upon entering into a US$200 million (about K550 million) 12-month facility with Standard Chartered Bank and the ANZ Banking Group Ltd and approval by ordinary resolution of the company’s shareholders being obtained at the general meeting on April 15.NBPOL said these had been satisfied and the acquisition was now complete.The acquisition includes the addition of more than 25,000ha of established and producing oil palm plantations, and five mills to the company which increases NBPOL’s established plantation area by almost 50% and is comprised of estates close to its current centre of operations.NBPOL chairman Antonio Monteiro De Castro said: “The board was delighted to have completed this transformational acquisition, which is strategically and geographically an excellent fit.“The directors of NBPOL believe that the acquisition not only represents compelling value but also has the potential to be earnings enhancing for the company.“NBPOL will benefit from greatly increased production, economies of scale, operational efficiencies, and a larger potential source of fully segregated, palm oil, available direct from plantation to consumer,” he said.