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Date: Monday 07 Jul 2008

LONDON (ShareCast) - REA Holdings harvested 231,102 tonnes of oil palm fresh fruit bunches (FFB) in the first half of 2008, trumping the 165,000 tonnes seen a year ago and 30,000 tonnes ahead of budget.

The group, which cautioned that the crop for 2008 as a whole will not necessarily be over budget, added that crude palm oil (CPO) production rose 32% to 53,770 tonnes and palm kernel output leapt 50%.

Bosses reckon it is likely that the group can look forward to good CPO prices for the rest of the year.

It added that although cash flows plus cash resources already held by the group could fund most, if not all, of planned development expenditure, the firm wants to issue further sterling notes.

As a result, the company is considering creating a further £28m nominal of sterling notes with a view to issuing an initial tranche of up to £15m nominal.

There was also news that REA has entered into a non-binding memorandum of understanding for the purchase of PT Prasetia Utama for $7.3m.

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