Cargill sells interest in oil palm plantations

CTP Holdings, a Cargill majority owned company, announced it has signed a sales agreement to sell its interest in oil palm plantations it owned and operated in Papua New Guinea to New Britain Palm Oil. According to Cargill, the sale price for the PNG plantations is $175 million plus certain adjustments for stocks and capital expenditure. The sales agreement covers only CTP’s oil palm assets in PNG. CTP Holdings continues to own and operate two oil palm plantations in Indonesia.

The sale is scheduled to close by end April. CTP Holdings bought the PNG properties in 2005 from the United Kingdom’s CDC Group plc.

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