Acquisition of New Land in Indonesia

RNS Number : 0289S

M. P. Evans Group PLC

27 November 2012

 



M.P. Evans Group PLC

("Group")

ACQUISITION OF NEW LAND IN INDONESIA

The board is pleased to announce that, in line with its stated policy of increasing its area of oil-palm plantations, the Group has obtained the right to develop more land in Indonesia.  An interim permit pending the issue of the definitive long lease and an operating licence to develop 20,000 hectares have been obtained at a cost of US$275 per hectare.  The land is located in the regency of Musi Rawas in the province of South Sumatra.

At this early stage, it is not possible to predict with any accuracy how much of the land will be able to be developed.  Much will depend upon the number of hectares on which acceptable compensation terms can be agreed with the people who currently occupy or farm the land.  Negotiations will start shortly.  A nursery will be established in the near future and the first plantings in the ground are expected to take place in 2014.  An undertaking has been given by the Group to include 30% of the total land developed as smallholder co-operative schemes.

26 November 2012

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
P E Hadsley-Chaplin - chairman
P A Fletcher - managing director
T R J Price - finance director
Peel Hunt LLP	Telephone: [phone]
Dan Webster
Matthew Armitt
Hudson Sandler	Telephone: [phone]
Charlie Jack
Katie Matthews

 

END

 

 

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