Wilmar and Noble announce Papua-based strategic joint venture

Noble Group Limited and Wilmar International Limited announced the sale by Noble Resources Pte Ltd, a wholly owned subsidiary of Noble, of a 53.74% equity interest in Noble Plantations Pte Ltd to Newbloom Pte Ltd, a wholly owned subsidiary of Wilmar.
The sale and purchase is subject to various regulatory approvals. Upon completion, JVCo will be 53.74% owned by Wilmar and 46.27% owned by Noble.
The move is being generated to create a joint venture where Wilmar will control a majority of the business while Noble will control the rest. The intention is to create new projects dedicated to the development of palm oil and by-products to be used as fuels, among other natural alternatives.
Noble and Wilmar have agreed, through JVCo, to form a Papua focused, strategic joint venture to develop and operate palm projects to produce and sell crude palm oil and its by-products.
JVCo presently owns a majority interest in PT Henrison Inti Persada, which in turn owns 22,953 hectares of land for palm production in Papua, Indonesia.
In addition, through JVCo, the parties intend to jointly explore and develop further palm oil opportunities in the Papua region, to add to the existing portfolio. (February 26, 2013)