AGM Statement

Anglo-Eastern Plantations PLC
13 June 2002



                         ANGLO-EASTERN PLANTATIONS PLC

                                 AGM STATEMENT

              Significant improvement in profits for 2002 expected


At the AGM in London this morning of Anglo-Eastern Plantations, which owns
approximately 16,750 ha of mature and 5,500 ha of immature oil palm plantations,
primarily in Indonesia but also in Malaysia, Mr Peter O'Connor, senior
non-executive Director, deputising for Mr Chan Teik Huat, Chairman and Chief
Executive, stated:

'I am glad to report several positive developments since the end of 2001.

A major event has been the successful commissioning, in May, of the new palm oil
mill on our project in Bengkulu, South Sumatra.  All production from our newly
mature areas there is being processed by this mill and we have also begun buying
in crop from outside in quantities that are increasingly satisfactory.

Total group oil palm crops for the first five months of this year, at 101,000
metric tonnes, were 2.5% ahead of expectations and 16% ahead of last year,
representing increased mature acreage and yields.  The improvement over the
previous year primarily reflects increasing production from Bengkulu which, at
18,000 metric tonnes, was as expected and nearly double that of the same period
in 2001.

Production in North Sumatra, at 72,000 metric tonnes, was 5% ahead of last year
and of expectations;  that from our Malaysian estates, at 11,000 metric tonnes,
was 28% ahead of last year but still 8% below expectations.

Recent weeks have been drier than usual in North Sumatra and Malaysia which is
beginning to affect the availability of crops for outside purchase in North
Sumatra and may later affect our own production, but we still expect crops for
the group as a whole to be substantially ahead of last year and about on target
for the year.

It is particularly pleasing to report a steady improvement in the price of Crude
Palm Oil in recent months and a very sharp improvement in the last ten days to
$420 per metric tonne;  this compares to a price of $335 per metric tonne at the
start of 2002.  The average price so far this year has been $355 per metric
tonne compared to $281 for the whole of last year, an increase of 26%.

During 2002 the Indonesian rupiah has strengthened by 16% against the US dollar
and the average rate, so far, is 8% higher than for 2001 as a whole.  In terms
of local income this has the effect of offsetting partially the increase in the
CPO price.  But it does reduce the cost of our US dollar borrowings, which total
$5.3 million, and, if the rate holds, then the repayments due to begin in 2003
will be reduced in local currency terms.  The strengthening of the rate
reflects, in part, the greater political stability in Indonesia and resulting
prospects for improved foreign financial support for the country.

Of course, after the recent sharp rise in the CPO price we must be prepared for
some correction but, even if the average price of the year as a whole is the
same as that achieved to date, we expect a significant improvement in profits
for 2002.'


Enquiries:

Anglo-Eastern Plantations PLC                         020-7236 2838
  Rollo Barnes (Financial Director)

Bankside Consultants Limited
  Charles Ponsonby                                    020-7444 4166



                      This information is provided by RNS
            The company news service from the London Stock Exchange