📰 Lankan Conglomerates Face Impact from Indonesia's Palm Oil Land Laws

• Carson Cumberbatch PLC and Bukit Darah PLC's subsidiary, Goodhope Asia Holdings Ltd., have been impacted by new Indonesian forest area management regulations. • Approximately 12,000 hectares of their palm oil plantation land (5,877 ha planted, 6,275 ha unplanted) have been reclassified and transferred to a State-owned enterprise, PT Agrinas Palma Nusantara (PT ASN). • This action follows new regulations and the establishment of a Presidential Task Force for the repossession of lands categorized as forest status. • Current Status: Goodhope Asia Holdings Ltd. is in discussions with PT ASN regarding potential management arrangements for the affected plantations. • Plantation activities within these areas are not currently prohibited. • The companies have confirmed they have not received any notification or demand for payment of penalties so far, and the potential financial impact is currently undeterminable. • Wider Context: The new regulations have affected 587 companies and approximately 1.5 million hectares in the Indonesian Palm Oil sector overall.