STB ... Aug09

Sitt Tatt Bhd, which is predominately involved in the semiconductor and property industry, is planning to diversify its business into oil palm refining in Indonesia by early next year.

The company was in talks with several parties to build five oil palm refineries. It is also negotiating with small Indonesian plantation owners with the view of refurbishing five existing refineries it plans to acquire from them.

It would invest about US$100 million for this venture.