NEW Britain Palm Oil Ltd (NBPOL) will pay its local shareholders K30.83 per share and US$11.62 per share to those listed on the Jersey register.
The payment will be made on Nov 16, it was announced last Friday by the company which is listed on the Port Moresby and London stock exchanges.
Early this month, the company through its agent Pacific Rim Plantations Services, entered into a five-year deal to supply Ferrero, a confectionary group based in Italy and Luxembourg, with palm oil products processed from its crude palm oil.
The agreement with Ferrero was direct with an end-user of NBPOL’s products, rather than with an industrial intermediary.
The agreement enabled Ferrero to gain better control of its supply chain and enabled NBPOL to specifically tailor its products for a major consumer.
NBPOL is Papua New Guinea’s largest oil palm plantation and milling operator, with an 80% shareholding in Guadalcanal Plains Palm Oil Ltd (GPPOL) based in Guadalcanal province in the Solomon Islands.