- Cirro acquires plantation in Riau Indonesia to expand CPO output October 15, 2017
The board and management of Cirro Capital Limited has unanimously agreed to the investment of USD 2,200,000 towards the procurement of 49% of shareholdings of an Indonesian Plantation.
The plantation covers a total of 998 hectares of land, and is currently operational. The plantation produces a total of 4,720 metric tonnes of Palm Oil and 661 metric tonnes of Palm Kernel Oil per annum.
Cirro Capital shall be entitled to 49% of the net profits per quarter, as long as the plantation remains operational.The board intends to hold these shareholdings for a period of approximately 5 years, and exit the investment as demand of CPO reaches new heights due to the increasing need of biodiesel for the Belt and Road Initiative.