PETALING JAYA: Genting Plantations Bhd’s
shares lost ground yesterday on profit-taking after it was reported
that the company’s membership in the Roundtable of Sustainable Palm Oil
(RSPO) had been suspended indefinitely since last month.
The plantation company’s shares closed at RM10.92, down 18 sen, with 212,500 shares traded.
Genting Plantations, a subsidiary of Genting Bhd, has been a member of RSPO since 2006. Its membership with the non-profit organisation, however, had been suspended since the middle of last month due to the company’s non-compliance to the new planting procedure (NPP) requirement under RSPO.
According to a local daily, Genting Plantations was in the midst of filing for NPP certification, with targeted submission by the end of this month.
Under a new guideline, RSPO members are required to file for
NPP certification for all new oil palm plantings effective since Jan 1,
2010.
Genting Plantations had reportedly requested for the postponement of its NPP notification from March to June this year, so that it could include its newly acquired subsidiary in Indonesia, PT Permata Sawit Mandiri, in the filing procedure.
The suspension of Genting Plantations’ membership with RSPO was expected to be reviewed upon submission of the NPP documents, The RSPO was established in 2004 to promote the production and use of sustainable palm oil through credible global standards.
The plantation company’s shares closed at RM10.92, down 18 sen, with 212,500 shares traded.
Genting Plantations, a subsidiary of Genting Bhd, has been a member of RSPO since 2006. Its membership with the non-profit organisation, however, had been suspended since the middle of last month due to the company’s non-compliance to the new planting procedure (NPP) requirement under RSPO.
According to a local daily, Genting Plantations was in the midst of filing for NPP certification, with targeted submission by the end of this month.
Genting Plantations had reportedly requested for the postponement of its NPP notification from March to June this year, so that it could include its newly acquired subsidiary in Indonesia, PT Permata Sawit Mandiri, in the filing procedure.
The suspension of Genting Plantations’ membership with RSPO was expected to be reviewed upon submission of the NPP documents, The RSPO was established in 2004 to promote the production and use of sustainable palm oil through credible global standards.
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