CLARIFICATION OF MEDIA REPORTS IN RELATION TO CERTAIN PROJECTS WITH THE GOVERNMENT OF GABON
Olam International Limited (“Olam” or the “Company“) refers to media reports relating to the plans with the Government of Gabon to develop a special economic zone at Nkok (“SEZ Project“) and the plans to develop a palm-oil plantation which will include the construction of a palm-oil refinery (“Palm Oil Project”, and together with the SEZ Project, the “Proposed Transactions“).
The Company wishes to clarify that the Company has been in discussion with and has entered into Memoranda of Understanding with the Government of Gabon in relation to the Proposed Transactions.
The Company is currently in an advanced stage of negotiations and finalisation of the binding agreements with the Government of Gabon in relation to the SEZ Project. The SEZ Project is not a material or discloseable transaction under Chapter 10 of the Listing Manual of the SGX-ST.
In addition, the Company is currently conducting feasibility studies in conjunction with its discussion with the Government of Gabon on the definitive agreements in relation to the Palm Oil Project and will issue an appropriate announcement upon entry into any binding agreements in relation thereto.
The Company will keep shareholders apprised of any material developments and will make further appropriate announcements in the event any binding agreements are entered into by the Company.
By Order of the Board
Sunny George Verghese
Group Managing Director and CEO
16 August 2010
- Attachments: aug162010-gabon_mediareportclarification