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Bigger crops produced by R.E.A. Holdings

By BFN News | 11:44 AM | Wednesday 01 February, 2012

R.E.A. Holdings increased its crop of oil palm fresh fruit bunches ("FFB") by 17% for the year to 31 December 2011 to 607,335 tonnes. For 2012, the company is budgeting an FFB crop of 682,000 tonnes, which would be a further increase of 12.3%. The company says that the development of estate oil palm plantings progressed satisfactorily during the year with the area planted or under development at year end amounting to some 37,000 hectares, an increase during the year of some 5,000 hectares against a target of 7,000 hectares. The balance of 2,000 hectares has been carried forward for development during this year. Expansion of capacity and upgrading of the company's two existing mills is near completion and these are coping well with the demands of the current crop levels. The new third mill is due for completion early in the second half of this year in readiness for the expected peak cropping months of the year. After an examination of alternative options for the future structure of the company, the directors have concluded that it would not be in the best interests of the company or its shareholders to proceed with the idea of reconstituting the group under the ownership of a new parent company listed on a stock exchange in a South East Asian financial centre. Instead, R.E.A. is actively pursuing an alternative option of selling in Indonesia a minority shareholding in an Indonesian subsidiary of the company holding some or all of the group's Indonesian oil palm operations and listing that subsidiary on the Jakarta Stock Exchange. At 11:44am: (LON:RE.) R.E.A. Holdings share price was +0.25p at 667.75p Story provided by

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