Olam: will invest 413 b CFA francs (S$1.13 b) in a palm oil project in Gabon. The co plans to produce 280k tons of palm oil in the first phase of the project. The first phase will start in Oct with a second phase in 2013. Olam is not new to operating in Gabon, as it already has existing forest concessions and timber processing operations that it shares with the Gabon govt...
Move should be a mild positive for Olam, as this allows the supply chain manager to expand its range of soft commodity products further.
Street mostly rates at Buy with recent TP ranging btwn $3.20-4.20.
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