Genting Plantations to sell stake in Genting Integrated

PETALING JAYA: Genting Plantations Bhd proposes to dispose of a 25% stake, or 72 million shares, in Genting Integrated Biorefinery Sdn Bhd to Elevance Renewable Sciences Singapore Pte Ltd (ERS Singapore) for RM72mil. The latter is a wholly-owned subsidiary of US’ Elevance Renewable Sciences, Inc.

Both parties have entered into a share sale and purchase agreement as well as a master agreement for collaboration to produce high-value palm oil derivatives such as olefins, specialty chemicals and saturated methyl esters.