Acquired 51% stake in PT Henrison, which intends to dev ~32.5k ha of land for palm oil pdtn in West Papua Province, Indonesia. Project is Noble’s first in the oil palm sector, and closely follows its recent foray into nuclear refinement via its 5% stake in USEC, bolstering Noble’s position across the energy supply chain. PT Henrison to register as a member of RSPO, which advocates environmentally sustainable pdtn practices.
This could in future allow PT Henrison to export its pdts to the EU, where margins are possibly higher. Transaction not material, but could spur trading interest as mgt could “expand and increase its invmts in this area in the future”. Noble trades at 11.8x PE, vs 15.2x consensus.
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