KUALA LUMPUR: Sime Darby Plantation Bhd's unit has completed the sale of its 100% stake in its Liberian operations to Mano Palm Oil Industries Ltd (MPOI).
It said on Thursday it sold the stake in Sime Darby Plantation (Liberia) Inc. for cash consideration of US$1 plus an earn-out payment.
The payment would be determined by the average future crude palm oil (CPO) price and future CPO production of SDP Liberia.
It would be paid quarterly over eight years, starting from April 2023 under the sale and purchase deal signed on Dec 12,2019.
After the sale, Sime Plantation said it would continue to serve its business to business (B2B) and business to customer (B2C) multinational customers in Africa.
SDP Liberia's core business was to cultivate oil palm and it had planted 10,300 hectares of land to-date.
MPOI is a unit of Mano Manufacturing company and it purchases crude palm oil and exports it to various destinations across West Africa.
Mano Manufacturing is a local Liberian company and it was set up in 1967 in Liberia. It manufactures soap, bleach and detergents.
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