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BRIEF-New Britain says receives formal communication from Malaysia's Kulim

Reuters

July 31 (Reuters) - New Britain Palm Oil Ltd :

* Proposed divestment of Kulim (Malaysia) Berhad's equity interest

* Today received written correspondence from Kulim's legal advisers informing company of Kulim's desire to divest its entire equity interest in NBPOL

* Kulim's board of directors has selected Sime Darby Berhad as preferred bidder

* Has not been informed as to proposed terms of transaction between Kulim and Sime Darby

* Not known whether it will result in a change of control of co or a formal takeover offer for all or part of co

* Has appointed law firm Ashurst PNG as legal counsel to company. Accounting firm BDO has been appointed as independent adviser

* Intends to establish an independent board committee to ensure that best possible outcome is obtained Source text for Eikon: Further company coverage: