KUALA LUMPUR, July 31 (Reuters) – Malaysia’s IJM Plantations will soon more than double its landbank for palm oil with acquisitions in Indonesia as booming demand for the commodity shows little sign of abating, a top official said on Thursday.
Flush with revenues from expensive palm oil shipments while facing a shortage of agricultural land at home, IJM Plantations is one of the latest Malaysian firms to venture into Indonesia.
“The plan was to acquire 30,000 to 40,000 hectares of land in East Kalimantan, which is close to our existing land in Sabah, Malaysia” Chief Executive Velayuthan Tan told Reuters in an interview, referring to Indonesian and Malaysian states on Borneo Island.
He added: “We are almost there with the three agreements signed with firms in Indonesia.”
IJM Plantations, the country’s ninth largest listed planter and a sister company of construction giant IJM, has mostly used up its 30,000 hectare landbank.
But it has benefited of record high palm oil prices and high production yields, which have boosted its net profit in the financial year to March 2008 by 223 percent to 142.1 million ringgit ($43.6 million), beating most analysts’ forecasts.
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