TIDMPAL
RNS Number : 7847A
Equatorial Palm Oil plc
24 February 2014
24 February 2014
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Operational Update &
Appointment of Directors
Equatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil
development and production company with operations in Liberia, West
Africa provides the following update to the market:
Operational Update
-- 2014 planting target of 5,000 hectares: 3,000 hectares at
Palm Bay estate and 2,000 hectares at Butaw estate
-- Full activities have now resumed at both estates following
receipt of loan funds and proceeds of the subscription shares from
KL-Kepong International Ltd., a wholly owned subsidiary of Kuala
Lumpur Kepong Berhad ("KLK")
-- KLK now the largest shareholder in EPO and the 50/50 joint
venture partner with EPO in the operating company Liberian Palm
Developments Limited ("LPD")
-- Initial land contractors selected and have been operating since December 2013
-- KLK's experienced personnel are supporting EPO management in
the operational running of the Liberian oil palm development
projects
-- Expansion of Liberian workforce continues to support reinvigorated development activity
Changes to Board of Directors
The Board is delighted to announce the appointments of Mr Lee Oi
Hian and Mr Teh Sar Moh Nee as Non-Executive Directors with
immediate effect. Mr Lee Oi Hian is the current Chief Executive
Officer of KLK, listed on the Bursa Malaysia with a market
capitalisation of approximately GBP4.5bn (as at 30 January 2014),
having joined the Board of KLK on 1 February 1985. Mr Teh Sar Moh
Nee is currently the Regional Director (Peninsular Malaysia) of the
KLK Group and is responsible for all of KLK's plantations in
Peninsular Malaysia. Short biographies of both new directors are
set out below.
Further, the Company notes the retirement of Mr Anthony Samaha
as a director of the Company with immediate effect. Mr Samaha was a
founding director of EPO in 2005 and has provided invaluable
assistance including as Chairman of the Audit Committee. The
Company wishes him well in his future endeavours.
Michael Frayne and Geoffrey Brown remain as Executive Directors
of Company.
Michael Frayne, Executive Chairman of EPO, commented:
"The EPO Board welcomes Mr Lee Oi Hian and Mr Teh Sar Moh Nee
who have transformed KLK into one of the leading oil palm companies
in the world. Their knowledge and experience will be invaluable as
we develop our estates in Liberia. I would also like to acknowledge
the contribution of Mr Anthony Samaha who is retiring as a director
for his tireless efforts.
2014 will be a transformational year for the Company now that it
has the support and funding from its largest shareholder KLK. The
target planting of over 5,000 hectares this year supports the large
scale planting programme that the Company put in place 2 years ago.
The team in Liberia will greatly benefit from the experience of KLK
as we look to ramp up planting rates in the coming years."
Mr Lee Oi Hian, aged 63
Mr Lee Oi Hian has been the Chief Executive Officer of KLK since
2001. He joined the Company in 1974 as an executive and was
appointed to the Board of KLK in 1985. In 1988, he was appointed as
Managing Director and became Chairman of KLK Group in 1993. He
subsequently held the post of joint Chairman and Chief Executive
Officer until 2008, when he relinquished his role as Chairman,
remaining as Chief Executive Officer of the Group.
Mr Lee Oi Hian has served in various positions in the
plantations industry, including the Malaysian Palm Oil Council, the
Malaysian Palm Oil Board and the Malaysian Cocoa Board. He is also
currently the Chairman of Batu Kawan Berhad, and a trustee of
several charitable organisations.
Mr Lee Oi Hian is also an Honorary Fellow of the Malaysian Oil
Scientists' and Technologies' Association (MOSTA) and Honorary
Fellow of the Incorporated Society of Planters (FISP).
Current directorships Past directorships within
the last 5 years
Batu Kawan Berhad Davos Life Science Sdn Bhd
Kuala Lumpur Kepong Berhad Star Foundation
Applied Agricultural Resources Esterol Sdn Bhd
Sdn Bhd
Arusha Enterprise Sdn Bhd Tan Sri Lee Loy Seng Foundation
Avery Holdings International Dr. W. Kolb Holding AG (Merged
Inc into Kolb Distribution AG
on 12 December
2013)
Champion Brave Sdn Bhd
Congleton Holdings Sdn Bhd
Di-Yi Sdn Bhd
Davos Life Science Pte Ltd
Gerizim Holdings Pte Ltd
Grateful Blessings Inc
KLK Farms Pty Ltd
KLK Overseas Investments Ltd
Kolb Distribution AG
Kulumpang Development Corporation
Sdn Bhd
Malay Rubber Plantations (Malaysia)
Sdn Berhad
Mount Gerizim Farms Pty Ltd
Palm-Oleo Sdn Bhd
Perdana Leadership Foundation
Perfect Portfolio (S) Pte Ltd
Perfect Portfolio Sdn Bhd
Royal Perak Golf Club Berhad
Taiko Plantations Sendirian Berhad
Taiko-Straits Developments Sdn
Bhd
Wan Hin Investment Sdn Bhd
Wan Hin Plantations Sdn Bhd
Yayasan KLK
Yayasan Tuanku Bainun
Mr Teh Sar Moh Nee, aged 58
Mr Teh Sar Moh Nee started his planting career in 1976 in Sime
Darby Plantation Berhad before joining the KLK Group in 1984. He
serves as Regional Director (Peninsular Malaysia) of the KLK Group
and has also held the position of Chief Executive Officer at Ladang
Perbadanan-Fima Berhad since May 2008.
Mr Teh Sar Moh Nee is a Council member and 2nd Deputy President
of the Malaysian Agricultural Producers Association ("MAPA") and
also sits on MAPA's Finance/Executive Committee and Negotiating
Committee. Mr Teh Sar Moh Nee attended the Senior Management
Programme at Harvard Business School and Senior Executive Programme
at Stanford University Business School.
Current directorships Past directorships within the
last 5 years
Applied Agricultural Resources The Kuala Pertang Syndicate
Sdn Bhd Ltd (Dissolved on 2 December
2013)
Gunong Pertanian Sdn Bhd The Shanghai Kelantan Rubber
Estates (1925) Ltd (Dissolved
on 1 February 2013)
Kulumpang Development Corporation K.H. Syndicate Limited (Dissolved
Sdn Bhd on 16 April 2012)
Ladang Perbadanan-Fima Berhad
Rubber Fibreboards Sdn Bhd
Uni-Agro Multi Plantations Sdn
Bhd
There is no further information required to be disclosed
pursuant to Schedule 2(g) of the AIM Rules.
- END -
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7493
Michael Frayne (Chairman) 7671
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Andrew Emmott / James Bellman 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Notes to editors:
Equatorial Palm Oil plc is an AIM listed crude palm oil
developer and producer with palm oil estates in Liberia, West
Africa. The Company was founded in 2005 and is focused on becoming
a global, sustainable producer of high quality palm oil to regional
and international markets.
With a significant land position in Liberia through its
operating subsidiary Liberian Palm Developments Limited (LPD), the
Company is geographically well positioned to serve the
international and regional markets and is committed to making a
positive impact on the communities in which it operates through
investment in local schools, health clinics, housing and
infrastructure.
The Company's largest shareholder in EPO and 50:50 joint venture
partner in LPD is Kuala Lumpur Kepong Berhad ("KLK"). KLK is one of
the largest palm oil producers in the world and the Company will
greatly benefit from their many years of expertise in oil palm
development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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