GPPOL clarifies position on new management - Solomon Star News

GPPOL clarifies position on new management

05 November 2014
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GUADALCANAL Plains Palm Oil Limited (GPPOL) has clarified that it is and will always be an Incorporated Solomon Islands Company owned 80% by New Britain Palm Oil from PNG and 20% by the Guadalcanal Plains Resource Development Company.

GPPOL General Manager Andrew Kerr made the statement, Wednesday in relation to an article which appeared in this paper on Tuesday.

“Guadalcanal Plains Palm Oil Limited (GPPOL) wishes to clarify and clear up some of the purported issues as raised by Benedict Garimane,” Mr Kerr said.
“As is public knowledge Sime Darby Plantation Sdn Bhd (“Sime Darby Plantation”) announced its intention to make a cash offer for all the issued and to be issued shares in New Britain Palm Oil Limited (NBPOL) on the 9th of October 2014.

“This offer is still open and will close on the 18th of December. At that time only will it be known exactly how much of NBPOL has been purchased as each shareholder has their own prerogative.

“Importantly to hear GPPOL is and will always be an Incorporated Solomon Islands Company owned 80% by New Britain Palm Oil from PNG and 20% by the Guadalcanal Plains Resource Development Company.”

Mr Kerr said this structure is not changing due to the current potential ownership transfer and NBPOL will always be a PNG Company who has invested in the Solomon Islands.

“The only difference, if the bid is successful, will be in the ownership structure of NBPOL who have always been owned by a number of various shareholders based on the London and PNG Stock Exchanges.

“There is currently no intent to change any management personnel, both of NBPOL or GPPOL, and there most certainly won’t be any change to the share structure in GPPOL.”

He further explained that the ownership of GPPOL is setup under the Memorandum of Understanding (MOU) with both the Solomon Islands Government and the Guadalcanal Plains Resource Development Association and these documents are quite clear in the rights of all parties involved.

“This potential ownership change is in no way similar to Gold Ridge as it is not the local entity being bought and sold. No differences will be noticed here except for possible opportunities for growth now that GPPOL is part of a larger Company.”

Sime Darby Plantation Sdn Bhd is the plantation and agri-business arm of Sime Darby group of companies. It is one of the world’s largest plantation companies producing about 5% of global crude palm oil output.

Mr Kerr said following the public announcement of the offer to buy shares press releases were forwarded to the local media organizations, the GPRDA and Relevant Government Personnel plus there has been information sessions for employees with contacts of people should anyone require further information.

“At no stage has anyone progressed these deals behind closed doors or behind landowner’s backs. GPPOL looks forward to the potential for further investment within the Solomon Islands thereby increasing the local and National economy whilst helping to build a brighter and better future for the people of the Solomon Island.”

For any further enquiries please do not hesitate to contact site and ask for the General Manager Andrew Kerr or make contact through the NBPOL website at www.nbpol.com.pg

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