Wilmar International and Noble Group on Friday announced plans to form a strategic joint venture that intends to specialise in the production and distribution of palm oil sourced from development projects located in Papua, Indonesia.
In a joint statement the Singapore-listed commodity traders said the partnership will stem from the sale of a 53.74% stake in Noble Plantations to Newbloom, a wholly owned subsidiary of Wilmar, but noted the deal is subject to regulatory approval.
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