Sime Plantation slumps after US bans its palm oil imports

Reuters reported the United States banned imports of palm oil from Sime Plantation from Wednesday over allegations of forced labour in the production process, the U.S. Customs and Border Protection (CBP) said.

KUALA LUMPUR: Shares of Sime Darby Plantation Bhd fell to a low of RM4.95 – the lowest in a month – on Thursday after it was accused of using forced labour prompting the US to ban imports of its palm oil.

At 11.30am, Sime Plant was down 21 sen to RM4.96. There were 309,500 shares done at prices ranging from RM4.95 to RM5.10.