Kencana Agri Sees No Material Impact From Indonesian Fires Amid Regulatory Probe

MT Newswires10-19 10:39

Kencana Agri (SGX:BNE) expects no material operational or financial impact from the forest fires in Indonesia, according to a Friday filing to the Singapore Exchange.

The palm oil producer said the forest and peatland fires affected about 62 hectares within its concessions in North and East Kalimantan, representing less than 0.09% of its total planted area of 67,862 hectares.

The filing was issued in response to a bourse compliance query regarding an ongoing inquiry by Indonesian authorities into suspected land clearing by burning at the company's North Kalimantan unit.

The preliminary assessments indicated the fires spread from adjacent areas and did not originate within the company's operations, Kencana said.

The incidents are under control, with firefighting teams working alongside authorities and local communities, the company added.

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