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Thursday, 31 May, 2018

CPO expected at RM2,400-RM2,700 this year, says Hap Seng Consolidated

KUALA LUMPUR (May 30): Hap Seng Consolidated Bhd expects the price of crude palm oil (CPO) to trade between RM2,400 and RM2,700 this year.

Barring any escalation in the trade war between China and the US, which would be supportive of CPO prices, prices are seen to be “quite stable”, said Datuk Edward Lee Ming Foo, Hap Seng group managing director.

Meanwhile, the production of fresh fruit bunches (FFB) should return to a “normal” level of around 160,000 metric tonnes this year, as the effects of the El Niño weather phenomenon wear off, said Hap Seng executive director Lee Wee Yong.

“We do not see any severe weather effects, unless there is exceptionally wet weather from the La Niña phenomenon,” he said.

Following Hap Seng’s disposal of a 100% in HSC Sydney Holding Ltd for RM771.16 million and Hap Seng Credit Sdn Bhd for RM906 million to Lei Shing Hong Capital Ltd, the group’s gearing will be reduced to 0.32 times, Wee Yong said.

The group’s independent and non-executive chairman Datuk Jorgen Bornhoft said the deal had been found to be “extremely attractive” and that shareholders had given the group a “clear yes” for the disposal.

“There will be no problem filling in the (earnings) gap left by the disposals,” Borncroft told reporters, after the group's annual and extraordinary general meetings today.

The group expects to continue focusing on its seven core businesses, going forward, Edward said.

Source : The Edge Markets

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