Deforestation Continues: Malaysian Companies to Build Palm Oil Mills in Indonesia– Orangutans Beware!
KUALA LUMPUR, May 12, 2008 (AsiaPulse via COMTEX) — – Sitt Tatt Berhad (KLSE:4359) on Friday said its wholly-owned unit, STB Technologies Pte Ltd, has teamed up with Crestino International Limited to build and operate palm oil mills in Indonesia.
On May 9, STB Technologies signed a Memorandum of Understanding (MOU) with Crestino to participate in the project by investing RM20.0 million.
The sum will be paid to Ithmaar Development Company Limited (IDC) to enable Crestino to fulfill the pre-condition for the approval in principle by IDC to finance the business, Sitt Tatt said in a statement to Bursa Malaysia on May 9.
On 25 May 2007, Crestino was awarded the rights to construct and manage 100 palm oil mills in Indonesia by PT Permodalan Nasional Madani Techno Venture (PNMTV).
PT Palm Mill Indo (PMI), which is 100 per cent owned by Crestino, was established in Indonesia to oversee the management of the palm oil mills.
PMI has entered into agreements with cooperative societies in Indonesia for the supply of fresh fruit bunches (FFB).
Crestino will establish a marketing/trading company in Singapore to handle the marketing and trading of the final products of the palm oil mills, the statement said.
Sitt Tatt said the investment in the project will provide the STB Group with the opportunity to participate in palm oil milling and related businesses in Indonesia, which offers growth prospects.
It also enables the group to substantially broaden its income base beyond its current manufacturing operations in Malaysia and Singapore and provide a steady income stream to the group.
Source: http://www.tradingmarkets.com/.site/news/Stock%20News/1536275/
May 12th, 2008 at 5:49 pm
Since their is no co-operation from the government to help the orangutan’s the only thing we can do is TRY to round up and save as many orangutan’s as poss. So we can save this beautiful animal. Maybe round up as many volunteers as possible around the world. I for one would love to help. I just cannot understand how anyone could consider hurting or killing such a beautiful creature. I guess they think totally different than us with no heart.
May 14th, 2008 at 3:42 am
These palm oil companies consider orangutans to be a pest, like (in Australia) the Tasmanian tiger was to Tasmanian farmers in the early 1900’s, like the wedge-tailed eagle was to QLD famers in the 80’s (and on and on and on).
We have to financially support the rescue centres, lobby our politicians to stop supporting first generation biofuels and write to food companies like Unilever, ADM, Bunge, Cargill, Procter & Gamble, Kraft, Nestle and Goodman Fielder demanding that they support a moratorium on deforestation for palm oil plantations.