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Company Information for Anglo Eastern Plantations Plc
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Company Statement
Anglo-Eastern Plantations Plc was formed and floated on the London Stock Exchange in 1985 to acquire and develop four estates in North Sumatra, previously owned by several UK based plantation companies.
The largest of these estates was Tasik the development of which, as a 6,000 hectare (ha) oil palm estate, commenced in 1983. The other three smaller estates, totalling 3,700ha, comprising rubber and cocoa, had been established in the 1920s. Funds raised from the flotation were used to complete the development of Tasik, where a 45mt/hr palm oil mill was commissioned in 1991.
In 1993 Genton International (see Shareholders) acquired a controlling holding in Anglo-Eastern. Following a one-for-two rights issue in 1995 the company embarked on an expansion programme comprising:
- acquisition of a small (800ha) oil palm estate (Anak Tasik) in North Sumatra in 1995;
- acquisition in 1995 and development of land totalling 17,600ha in the province of Bengkulu in southern Sumatra;acquisition in 1995 of an immature oil palm estate in Peninsular Malaysia (now 3,700ha planted).
In Bengkulu a 40mt/hr mill was commissioned in 2002 and upgraded to 60mt/hr in 2004. By June 2007 15,004 ha had been planted.
In March 2004 the company acquired a neglected oil palm estate of 4,300 ha, called Bina Pitri located in the province of Riau, about 180km south of Tasik. Consideration was $10m. Rights to a further 900ha of land were acquired in 2004 and planted in 2005 bringing the planted area of this property to 4,940 ha. The formerly neglected areas have been rehabilitated. A 30mt/hr mill (expandable to 60mt/hr) was completed in April 2007.
In December 2004 a 20mt/hr mill was commissioned on Blankahan estate, one of the three smaller estates originally acquired in 1985; this mill processes crop from those estates, which were substantially converted to oil palm in 1992/3. All remaining cocoa was removed in 2007. A small area of rubber has been retained.
In December 2004 the company acquired the rights over 4,200ha of vacant land, called Labuhan Bilik, about 130km north of Tasik, at a cost of $0.4m, and has added 1,336 ha since then. By June 2007 1,629 ha had been planted and the area is expected to be fully planted by the end of 2008.
In June 2007 the company acquired another neglected oil palm estate of 4,470 ha, Cahaya Pelita Andhika, of which about 1,020 ha were planted and nature. The estate is located on the west cost of North Sumatra, about 180km from the nearest existing group estate, Tasik. Over the next two years the planted areas will be rehabilitated and the unplanted areas will be planted. Until a mill is built in about four years time, crop will be processed at Tasik.
In December 2007 the group acquired two blocks of lands rights. The first comprises 26,000 ha in the province of Central Kalimantan and the second consist of 7,000 ha in Bangka island. In January 2008 a further 15,000 ha was acquired in Bengkulu, near to the group's existing estates. All three areas are scrub and previously logged secondary forest. It is the estimated that of the total land area, 40,000 ha is plantable. It is planned to plant this area over five years, starting in 2009.
Company Diagram
Location of Plantations
Current Operations
How is Palm Oil produced?
Oil palms begin to produce fruit three years after planting, have a commercial life of about 25 years but a biological life of at least 60 years.
The fruit grows in tight bunches known as fresh fruit bunches (FFB) which are harvested manually throughout the year.
Crude palm oil, which is produced in mills on or near the plantations, is derived from the fleshy mesocarp which surrounds a nut. Palm kernel oil is derived from the kernel inside that nut.
The mills steam and press the fruit and clarify the resulting crude oil (CPO).
Mill capacities are denominated in weight of FFB processed each hour (e.g. 30mt/hr).
Oil is refined and fractionated into its components normally at outside refineries; kernels are either crushed on-site or at outside processors to produce palm kernel oil and palm kernel meal.
What is palm oil?
Palm oil, together with its related product, palm kernel oil, is derived from the fruit of the oil palm. It is widely used in domestic cooking in Asia and generally as an ingredient of processed food products. It is one of the four major vegetable oils. By volume of world production it is second only to soya oil but is the most traded oil internationally.
Where is it produced and who are the main users?
Oil palms, which like a humid climate, regular rainfall and sunshine, are grown near the equator.
What is it used for?
Many food and non-food uses, principally:
Palm oil
Food
Cooking oil – domestic and commercial – particularly for frying because of its superior heat resistant properties;
Margarine
Bakery shortening
Non food
Soaps
Bio-diesel
Oleochemicals – of which detergents are one of the main final products
Palm kernel oil
Speciality fats, such as cocoa butter substitutes; shampoos; cosmetics; ice-cream. Palm kernel meal is used as animal feed.
Geographical Spread
The company now operates a planted area of approximately 32,000 ha (at December 2005) as follows:
Board of Directors and Key Management
| T H Chan | Chairman and chief executive |
| R O B Barnes | Finance director |
| L Y Kee | Director |
| Mdm S K Lim | Non-executive Director |
| P E O'Connor (Senior non-executive) | Non-executive Independent |
| S C Ho | Non-executive Independent |
| Datuk H Chin | Non-executive Independent |
Company Address5th floor, 6/7 Queen Street
|
Additional Address/Key ContactIndonesian Operations |
Major Shareholders
| Genton International | 50.9 % |
| Other connected | 0.7 % |
| Total connected with Mdm S K Lim and Mr T H Chan | 51.6 % |
| Other directors | 1.8 % |
| Alcatel Bell Pension Fund | 14.9 % |
| S N Roditi | 5.3 % |
Related News
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28/08/08 - Changes in Directorate and Company Secretary28/08/08 - ANGLO EASTERN PLANTATIONS ANNOUNCES NEW ACTING CHIEF EXECUTIVE
28/08/08 - INTERIM ANNOUNCEMENT "Results by far an interim record"
22/08/08 - Interims Date
11/08/08 - DIVIDEND - DETERMINATION OF STERLING EQUIVALENT
31/07/08 - RESULT OF AGM/BOARD MEMBERSHIP AND ROLES