Anglo-Eastern Plantations PLC Indonesia New Mill Operation Update (8303Y)

TIDMAEP

RNS Number : 8303Y

Anglo-Eastern Plantations PLC

09 May 2023

9 May 2023

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

Indonesia New Mill Operation Update

Anglo-Eastern Plantations Plc ("AEP"), a major producer of palm oil and to a lesser extent rubber with plantations across Indonesia and Malaysia, today announces an unfortunate incident at the HPP mill causing the tragic loss of lives of four employees of the contractor. Accordingly, there is likely to be a delay in the commercial operation of the seventh mill in Indonesia.

As AEP mentioned in its 2022 Annual Report, published on 21 April 2023, the HPP mill was earmarked for completion by the first half of 2023.

AEP regrets to announce an unfortunate incident which occurred on 6 May 2023, resulted in the tragic loss of lives . The four employees of the contractor died in an explosion while they were working on the Anaerobic Tank Digester at the HPP mill. The incident occurred whilst the contractor w as conducting final trials and tests before handing over the project on completion.

AEP conveys its profound sadness and condolences to the families of those who lost their lives in the incident and will endeavour to support the families following the tragic events.

The affected area is now cordoned off by the police who will conduct an investigation into the cause of the explosion.

The HPP plantation's operation in the production of FFB is unaffected by this incident, despite the delay to the operational date for the newly built mill. It is expected that the delay in completion will be approximately six months.

The contracting company who employed the four affected employees is assessing the damages and extent of repair works. AEP understands that the contracting company is insured for such losses and expects there to be no financial impact to AEP.

For further enquiry, contact:-

Anglo-Eastern Plantations Plc

   Dato' John Lim Ewe Chuan                        +44 (0) 20 7216 4621

Panmure Gordon (UK) Limited

   Dominic Morley                                            +44 (0) 20 7886 2954

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May 09, 2023 09:25 ET (13:25 GMT)

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