IN BRIEF: AEP Plantations not expecting 'significant' flooding loss

AEP Plantations PLC - owner, operator and developer of palm oil plantations in Indonesia and Malaysia - Notes that exceptionally heavy rainfall has caused severe flooding and landslides across the Western Sumatra region on the island of Sumatra, Indonesia. Says the flooding has affected Sibolga Town and the surrounding areas, including its PT Cahaya Pelita Andhika [CPA] estate in North Sumatra. At the estate, floodwater covering over 4,000 hectares has temporarily disrupted electricity and telecommunications, and all employees and their families residing on the site were evacuated. Company says all affected personnel are accounted for and safe with no serious injuries or deaths.

AEP Plantations says it continues to evaluate the ‘physical impact’ of the flooding, but that its portfolio maintains strong underlying operational momentum. Consequently, it does not expect ‘a significant loss in group fruit production’. Says it anticipates that harvesting at CPA will resume towards the end of this month, subject to the safe restoration of logistics and access. AEP intends to issue a further update once its assessments are complete.

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