PETALING JAYA: India’s decision to further cut import duties on edible oils including palm oil starting Sept 11 is positive on the upstream planters and integrated plantation players regionally.
According to CGS-CIMB Research, local planters such as IOI Corp Bhd
, Kuala Lumpur Kepong Bhd (KLK) and Genting Plantations Bhd will stand to benefit from India’s latest move, which will result in the base import tax on crude palm oil (CPO) being slashed to 2.5% from 10% previously, while the base import tax for refined palm oil has been cut to 32.5% from 37.5% earlier.
Other regional beneficiaries include Wilmar International Ltd, First Resources Ltd and Astra Astro Lestari Tbk, it added.
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