UMeWorld Limited to Purchase Three Palm Oil Mills Totaling Two Million Metric tons of Capacity for $90 Million of Convertible Preferred Equity at $4 Per Share
Retrieved on:
Tuesday, May 30, 2023
MIAMI, May 30, 2023 (GLOBE NEWSWIRE) -- UMeWorld Limited (OTC:PINK UMEWF) has signed a binding Letter of Intent to purchase three Palm oil mills totaling 240 TPH (Tons per Hour) - 300 TPH production capacity in three separate locations in Malaysia. This represents nearly 2 million metric tons of Fresh Fruit Bunches (FFBs) production capacity with roughly net through put of 600 thousand metric tons per year or approximately 3.3 million barrels of Crude Palm Oil (CPO) per year of licensed capacity. As of the end of April, the price of Malaysian palm oil was about $1,000/ton. Current market value of this capacity is $600 million of revenue per year or about $5.40 per outstanding share.
Key Points:
- MIAMI, May 30, 2023 (GLOBE NEWSWIRE) -- UMeWorld Limited (OTC:PINK UMEWF) has signed a binding Letter of Intent to purchase three Palm oil mills totaling 240 TPH (Tons per Hour) - 300 TPH production capacity in three separate locations in Malaysia.
- This represents nearly 2 million metric tons of Fresh Fruit Bunches (FFBs) production capacity with roughly net through put of 600 thousand metric tons per year or approximately 3.3 million barrels of Crude Palm Oil (CPO) per year of licensed capacity.
- The Company will issue Convertible Preferred Equity of $90 million, which is convertible at a floor of $4 per share.
- Having the premier ESG refining technology will position us to benefit from Malaysia’s huge investment commitment to sustainable palm oil capacity growth.