Daesang Holdings expands into palm oil business

Daesang Holdings Co., the holding company of South Korea’s leading foodstuff firm, said it is expanding into the palm oil business by developing plantations and building processing plants in Indonesia. Daesang and its unspecified Indonesian partner, through their subsidiary PT. Miwon Agro Kencana Sakti, have bought an 11,130-hectare plantation near the harbor area of Pontianak, West Kalimantan, from which they expect to produce 100,000 tons of palm oil annually starting 2013. The two partners, each holding a 50% stake in the project, plan to invest a total of US$130 million in the next three years. (November 24, 2009)