The acquisition of new planted land in East Kalimantan is consistent with stated strategy and is another low-risk acquisition at a great price. Shorter term, MP Evans will improve its productivity; longer term the acquisitions add critical mass to Kota Bangun and gives a platform for growth further north. The acquisition price of US$60m, is excellent, equivalent to just US$9.0k per hectare, and we expect this land value to increase as productivity improves and as scale benefits kick-in. We leave ....
