09 June 1999
Palm oil producer plans to float

ONE of the worlds biggest palm oil producers, New Britain Palm Oil, of Papua, New Guinea, plans to float.

The flotation will be the largest agribusiness on the Australian Stock Exchange, with a planned market capitalisation of A$282m (US$187m).

The group produces about 1.25% of the worlds palm oil, or around 135,000 tonnes.

It has maintained growth and profitability for the last couple of years with after tax revenue of A$41.5m in 1997 and A$52.1m in 1998.

Profits are forecast to remain strong this year.

  • Financial Times 09/06/99 page 38