NBPO New Brit. Palm

   By Jason Ng 
 

KUALA LUMPUR--Kulim (Malaysia) Bhd. (2003.KU) said Wednesday it has agreed to sell its shares in New Britain Palm Oil Ltd. (NBPO.LN) to Sime Darby Bhd. (4197.KU) in a 525.4 million pound ($821.7 million) deal.

The GBP7.15 per share offer from Sime Darby has also been approved by minority shareholders, Kulim said in a statement to the stock exchange. Kulim owns a 49% stake in Papua New Guinea-based alternative-fuel producer New Britain Palm Oil.

In October, Sime Darby launched a GBP1.07 billion pound takeover offer for New Britain Palm Oil in a deal that would strengthen the Malaysian conglomerate's position as a palm-oil supplier in Europe.

Write to Jason Ng in Kuala Lumpur at jason.ng@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires