Company denies report it burned forests for oil palm
Bernama - October 3, 2019 9:32 PM
TDM Bhd says the prolonged dry spell in Indonesia had made certain areas vulnerable to fires but they had worked with police and firemen to put them out. (AFP pic)
KUALA LUMPUR: Plantation company TDM Bhd says it is strictly governed by the “no-burn” policy when it comes to preparing land for new planting, replanting or any other projects.
In a filing to Bursa Malaysia today, the plantation company said since 2016, there have been no new development or land-clearing activities within its area of operations.
It said it also fully observed the Roundtable on Sustainable Palm Oil (RSPO) guidelines.
It was responding to an article published in The Edge on Oct 2, 2019 entitled “Six Malaysian firms behind open burning, says Indonesia”.
According to the article, TDM-linked company PT Rafi Kamajaya Abadi (PT RKA) allegedly conducted the largest open burning of 600ha in West Kalimantan.
“We wish to emphasise that the reported statement by The Edge on the alleged open burning is not true. TDM will consult our solicitor on the next course of action.
“The board further wishes to highlight that since the beginning of the dry weather in early August, PT RKA had accounted for a few fire incidences within its operating area and the matter had been reported to the local authorities, including the police department,” it said.
The affected areas were accessible to the surrounding villagers, it noted, adding the prolonged dry spell had made the areas vulnerable to such fire incidences.
The management has lodged a police report on the fire incident and full cooperation has been given to the authorities, it said, pointing out that the cause of the fire has yet to be ascertained and is still under investigation by the Indonesian authorities.
“As per the earlier announcement, we have reported that the fire has been extinguished.
“We will continue to work closely with the local authorities, fire department and the villagers on joint operations for fire prevention and fire-fighting purposes,” it added.
Don't buy first, all budget speech will be discuss in dewan rakyat. Sometime budget speech tend to put wow para but on the ground still 0.wait first, don't lose in tdm
We expect MPOB’s monthly stockpile to climb higher in October on seasonally high output. Thereafter, we expect November & December outputs to weaken MoM and this will cap the build-up in stockpile. Unlike end-Dec 2018 whereby stockpile reached a historic peak of 3.22mt, we doubt 2019’s year-end stockpile will exceed 3mt. By our preliminary estimate, MPOB’s stockpile should close the year around ~2.8mt. With lower carried forward stocks into 2020, biological tree stress (after 2-years of strong harvest and cut back in fertilizer application by smallholders), and slower growth in mature oil palm area (due to lack of new plantings in Indonesia and Malaysia since 2015), we expect the CPO price to strengthen further as overall palm oil supply tightens in 2020-21.
Our CPO ASP forecast of MYR2,100/t for 2019 and MYR2,300/t for 2020 are unchanged.
Maybank's forecasts are over-conservative, I reckon. Very understandable for a big bank. They have a tendency to be extra cautious in their forecasting, becos they do not like to get caught on the wrong side. Not good for their professional reputation.
Price was already hitting the 2,300s couple months ago or so. So Maybank's 2020 forecast of rm2,300 is nothing special at all. Any Tan, Din or Hari from the nearest local coffee shop can do that.
My own personal belief, with rollout of B20 biodiesel policy, expansion of existing markets & promotion to new markets, some good damage control work with India, etc. CPO price could even approach or even surpass rm3,000 by Christmas next year.
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
MQ Trader 894 views | 4 d ago
0:17
New IPO: An enterprise IT solutions provider that provides implementation services, maintenance, support and professional services, Vetece Holdings Bhd aims to list on the Ace Market!
MQ Trader 761 views | 8 d ago
0:17
New IPO: A manufacturing and trading of biomass fuel products, particularly PKS and wood pellets company, Elridge Energy Holdings Bhd aims to list on the Ace Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
bulldog
12,157 posts
Posted by bulldog > 2019-10-04 12:18 |
Post removed.Why?