SRI LANKA: RPC looking at acquiring rubber, palm oil land in Cambodia, Vietnam

The Richard Peiris Group (RPC) which has turned around the corner in the current financial year and heading for its biggest profit in history, says it’s looking to acquire assets overseas and build a plantation base in countries like Cambodia and Vietnam, official sources said.

“We find there is insufficient land here for expansion in rubber and palm oil,” one source said.

RPC’s Director/Chief Operating Officer Pravir Samarasinghe, declined to comment on profitability and results in the next few months in line with Colombo Stock Exchange requirements, but confirmed that the company was looking for land assets in these two countries.

“The problem in Sri Lanka is that there are no large portions of land in the region of 5,000 to 10,000 acres which we need for replanting or new planting in rubber and palm oil. Hence we are looking at options here and abroad and in countries like Cambodia or Vietnam where the entry costs are cheaper,” he said.

(Syed Rashid Ali, Karachi, Pakistan)