Malaysia's IOI Corp Expects Crude Palm Oil Output Rising 8%-10% This FY, CEO Says


Malaysian palm oil producer and property developer IOI Corporation Bhd. expects crude palm oil output to rise 8%-to-10% annually this fiscal year to Jun. 30, 2018 its chief executive said Monday.

The company expects prices of crude palm oil to be supported between 2,500 ringgit ($612.2) a ton and 2,650 ringgit ($648.9) per ton through the next two months, Lee Yeow Chor told reporters after the company's shareholders' meeting.

Demand for crude palm oil be will be supported by "growth" for imports in emerging countries in the Middle East and Africa, Lee said.

Production in this fiscal year will be boosted by a higher level of acreage entering young- matured stage at IOI's Indonesian plantations, Lee said.

The shareholders of IOI Corp also approved a proposal to sell a 70% stake in Loders Croklaan Group, he added.

In September, the company said it will sell its controlling stake in Loders Croklaan Group to U.S.-based Bunge Ltd. for 297 million euros in addition to $595 million (3.94 billion ringgit).


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