Golden Agri: Greenpeace has launched a campaign to discourage potential investors from financing a US1.6b oil palm deal between the Liberian govt & Golden Agri, contending that the Sinar Mas palm oil arm is destroying Indonesia's forest & carbon-rich peatlands. Greenpeace has also sent a letter to SGX & MAS alleging that the company misrepresented the findings of an environmental impact audit.
MNCs such as Burger King, Unilever, Kraft & Nestle have cancelled contracts with Sinar Mas & global financial institutions such as HSBC are disinvesting in them. Last month, Golden Agri's Golden VerOleum (GVL) announced a partnership with Liberia for the cultivation of palm oil & mill processing on a 220k ha concession. Apart from Golden Agri, GVL is expected to receive funding from other investors. Stock remains unchanged today despite upgrade by OSK to trading buy with $0.68 TP.
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