Unilever sells shareholding in Malaysian palm oil estates to Palmco

Unilever announced today that it has reached agreement to sell its shareholdings in Unipamol Malaysia Sdn. Bhd and Pamol Plantations Sdn Bhd (the Pamol Group) to Palmco of Malaysia, a subsidiary of IOI Corporation for € 152m.

Unilever announced today that it has reached agreement to sell its shareholdings in Unipamol Malaysia Sdn. Bhd and Pamol Plantations Sdn Bhd (the Pamol Group) to Palmco of Malaysia, a subsidiary of IOI Corporation for € 152m. The deal is subject to approval by Palmco shareholders and is expected to complete early in 2003.

Patrick Cescau, Unilever Foods Director said, ‘We are pleased that Palmco is acquiring the Pamol Group. They are one of the leading plantation businesses in Malaysia with the capabilities and resources to develop Pamol in the future. The sale is part of Unilever’s Path to Growth strategy which focuses on core activities within Foods and Home and Personal Care’. Martin Rushworth, Managing Director of the Pamol Group added, ‘Our employees will remain with the business and we have kept them informed throughout the sale process.’

The sale includes more than 20,000 hectares of oil palm estates in East and West Malaysia.

AmMerchant Bank advised Unilever on the sale.

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