Wilmar and Noble Form Palm Focused Joint Venture
Noble Group Limited and Wilmar International Limited wish to announce the sale by Noble Resources Pte Ltd, a wholly owned subsidiary of Noble, of a 53.74% equity interest in Noble Plantations Pte Ltd to Newbloom Pte Ltd, a wholly owned subsidiary of Wilmar. The sale and purchase is subject to various regulatory approvals. On completion, JVCo will be 53.74% owned by Wilmar and 46.27% owned by Noble.
Noble and Wilmar have agreed, through JVCo, to form a Papua focused, strategic joint venture in order to develop and operate palm projects to produce and sell crude palm oil and its by-products.
JVCo presently owns a majority interest in PT Henrison Inti Persada, which in turn owns 22,953 Ha of land for palm production in Papua, Indonesia.
In addition, through JVCo, the parties intend to jointly explore and develop further palm oil opportunities in the Papua region, to add to the existing portfolio.
Kuok Khoon Hong, Chairman and CEO of Wilmar added, “We are very pleased to be entering into this joint venture with Noble. We look forward to partnering with them to continue the work to develop a world-class, sustainable plantation business in Papua, Indonesia.”
Noble Group CEO, Yusuf Alireza commented that, “We are delighted to be able to form this joint venture with Wilmar, a recognised global leader in Palm, allowing Noble to benefit from that expertise and to jointly build upon the initial platform that we have been developing over the last few years.”
