Butaw estate18 Sep 2019 18:03
As was announced to the market on 26 June 2019, as a result of the downsizing at Butaw estate management are assessing the nature of impairment at Butaw estate to be reflected in the full year results of EPO for the year ending 30 September 2019.
The Company has been notified by its parent company Kuala Lumpur Kepong Berhad ("KLK"), that KLK (in its results for the nine months ending 30 June 2019 announced today) has made an impairment in its accounts in respect of its investment in the joint venture company Liberian Palm Developments Limited ("LPD") as a result of the impairment of assets at Butaw estate (Liberia Forests Products Inc.) in the amount of USD35,107,359. Liberia Forests Products Inc. is the operating company at Butaw estate and a wholly owned subsidiary of LPD.