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Malaysia's Kulim in talks to sell New Britain Palm Oil stake to Sime Darby

Reuters

KUALA LUMPUR, July 31 (Reuters) - Kulim (Malaysia) Bhd said on Thursday it intended to sell its entire stake in London-listed New Britain Palm Oil to Sime Darby Bhd , the world's top oil palm planter by landbank size.

"Kulim has now entered into exclusive discussions with Sime Darby to finalise the terms of the transaction for a period of 60 days, or such longer period to be mutually agreed," Kulim said in a stock exchange announcement.

In a separate announcement, Sime Darby said it had been selected as the preferred party to negotiate a sale of Kulim's 49 percent stake in New Britain Palm Oil.

New Britain earlier said it had received notification from Kulim's legal advisors informing it of the firm's desire to divest all of its stake, but had not been told of the proposed terms of any transaction. ($1 = 3.1960 Malaysian Ringgits) (Reporting by Anuradha Raghu; Editing by David Holmes)