Advanced takes big step towards new business

Singapore

SINGAPORE'S mainboard-listed Advanced Holdings' compass is finally set for a big turn towards palm oil after the engineering services and equipment provider for the oil and gas sector won shareholders' go-ahead last week to acquire a minority share of Indonesian-based Agricore Global for S$15 million.

This is a much downsized deal, riddled with delays and costs Advanced about ten times less than the original intent two years ago to acquire the oil-palm cultivator lock, stock and barrel via a reverse takeover (RTO).

The question is: whom does it benefit, given the nascent operations of Agricore - a company founded and part owned by Indonesian timber tycoon Hery Hermawan Herijanto - that is capital-hungry …