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Business deals

Sime Darby Plantation plans to cut stake in Papua unit

Submits initial bid to buy India's Ruchi Soya, 2Q net jumps 35% on year

Sime Darby Plantation has submitted preliminary expression of interest to purchase India’s Ruchi Soya.   © Reuters

KUALA LUMPUR (Nikkei Markets) -- Malaysia's Sime Darby Plantation, the world's largest palm oil producer by acreage, said Thursday it plans to cut stake in its Papua New Guinea unit, while considering buying a financially ailing Indian edible oil refiner.

The company is seeking to cut its stake in New Britain Palm Oil to between 51% and 60%, Sime Darby Plantation's Managing Director Mohd Bakke Salleh told reporters at an earnings briefing. Sime Darby Plantation has also submitted preliminary expression of interest to purchase India's Ruchi Soya, he said.

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