Biodiesel producer purchased by Asian plantations firm

Genting Plantations' wholly-owned subsidiary GP Overseas has bought SPC Biodiesel for RM33 million from Sterling Plantations.

SPC Biodiesel owns a 100,000-tonne per year biodiesel plant in Lahad Datu, Sabah, east Malaysia.

It was recently reported that Felda Global Ventures Holdings was also keen on buying the biodiesel producer, having already bought a 100,000-tonne per year biodiesel refinery at Kuantan Port for RM34.9 million in April 2013.

Genting Plantations' acquisition is reportedly in line with its objectives to venture into downstream activities related to palm oil.