Genting Plantations buys SPC Biodiesel

KUALA LUMPUR: Genting Plantations Bhd's wholly-owned GP Overseas Ltd has bought SPC Biodiesel Sdn Bhd for RM33 million from Australian-listed Sterling Plantations Ltd. 

Three months ago, there were talks that Felda Global Ventures Holdings Bhd (FGV) was also keen on buying up SPC Biodiesel, having already bought a 100,000-tonne per annum biodiesel refinery at Kuantan Port at Pahang for RM34.9 million in April 2013. 

SPC Biodiesel owns a 100,000-tonne per annuam biodiesel plant located in Lahad Datu, Sabah. 

Genting Plantations said, in a filing to Bursa Malaysia yesterday, that the SPC Biodiesel acquisition is in line with its objectives to venture into downstream activities related to palm oil.