Asian Plantations hires adviser in formal sales process

Malaysia-focused palm oil group Asian Plantations has hired a financial advisor to conduct a formal sale process to seek buyers for the company.Asian Plantations, which announced earlier this month it was in talks with a "number of parties", said it has engaged Strand Hanson to act as sole financial adviser over a sale.It said on Monday it "remains in discussions with a number of parties which might or might not lead to a sale of its entire issued share capital".The company was in talks with FEDLA Global Ventures regarding a sale but did not mention those particular discussions in Monday's statement.The stock, up 3.2% at 245p on Monday afternoon, has now risen nearly 11% over the past month.BC