Nestle also drops Sinar Mas Group
Nestle SA has followed Unilever in dropping Sinar Mas Group from the list of palm oil supplier after Greenpeace called on the world's largest food producer to cut ties with the company controlled by Eka Tjipta Widjaja family, Bloomberg reported an hour ago.
According to the report, Nestle replaced Sinar Mas with an unidentified supplier. Earlier on Wednesday, Greenpeace published a report saying Sinar Mas has unlawfully destroyed rain forests to set up palm oil plantations, Bloomberg reported.
Who will be the next to drop Sinar Mas?
Sinar Mas Group's plantation units are listed in both Indonesia and Singapore stock exchanges. PT SMART Tbk is listed on IDX, while GoldenAgri Resources Ltd is listed on SGX. SMART declined 2.36% on IDX with thin trading, while GoldenAgri closed unchanged with substantial trading on SGX. GoldenAgri stock has surged over 100% in the past nine months.