By BFN News |
Equatorial Palm Oil said it was likely to write off the value of its investment in the Butaw Estate palm oil operation in Liberia, sending it to an annual loss.
The company held a 50% interest in the estate, which was valued at around $10.4m on its balance sheet. Parent company and holder of the other 50% stake, Kuala Lumpur Kepong Berhad, had made an impairment on the asset in its accounts of around $35.1m.
‘It is highly likely that the company will also make an impairment in its accounts to be reflected in the full year results ending 30 September 2019, which would result in reducing the carrying value of its investment to nil,’ Equatorial Palm Oil said.
‘In the event of such impairment, this will result in a significant net loss for the year ending 30 September 2019.’ At 1:53pm: (LON:PAL) Equatorial Palm Oil PLC share price was +0.05p at 0.8p Story provided by StockMarketWire.com