14/06/2010 (Channel News Asia), Singapore - Commodities player Noble Group has acquired a 51 per cent stake in Indonesia's PT Henrison Inti Persada to expand its edible oil supply chain and secure a continuous flow of crude palm oil.
Noble did not disclose the sum it paid for the stake in its stock exchange filing.
It said PT Henrison intends to develop about 32,500 hectare plot of land for palm oil production in Sorong Regency, West Papua Province, Indonesia.
The transaction is Noble's first project in the palm oil sector and establishes a platform for the group to expand and increase its investments in this area in the future.
Noble's Group Executive Chairman Richard Elman said this transaction complements the company's global agricultural and energy business.
He added that the investment is a strategic fit for the group's portfolio.
Meanwhile, PT Henrison is to be registered as a member of the Roundtable on Sustainable Palm Oil (RSPO).
RSPO is an organisation that promotes the production of palm oil in a sustainable manner based on economic, social and environmental criteria.
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