Palm oil producer PT BW Plantation Tbk (BWPT) intends to acquire new land area of 10,000-15,000 hectares, adding its land bank to 103,000-108,000 hectares.
"Talks are in the final stage. We will complete the land acquisition next month," said Corporate Secretary Kelik Irwantono as quoted by Kontan today.
BWPT, that is controlled by Budiono Widodo family, requires additional land bank to expand its plantations business. Utilizing current land bank, the company's land bank will be running out in 2014. The company plans to add 10,000 hectares of new planting. By end of 2010, planted area reached 52,060 hectare, increased to 56,476 hectares by June this year.
Disclosure: No position at the stock mentioned above.
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