GP Overseas Limited entered into an agreement to acquire Spc Biodiesel Sdn Bhd from Sterling Plantations Limited (ASX:SBI) for MYR 33 million on January 29, 2014. GP Overseas will acquire 89.6 million shares of SPC which owns a the 100,000 tonne biodiesel plant located in Lahad Datu, Sabah, Malaysia as part of the transaction. The deal is not subject to GP Overseas shareholder's approval, regulatory, other similar approvals and Sterling shareholder's approval not required. Sterling has applied to ASX for a determination on whether Sterling shareholder's approval is required for the sale under the ASX Listing Rules. The conditions of the sale are expected to be satisfied within 3 months. The proceeds of sale will be used to help fund the development of the Group's oil palm plantation development in Malaysia and for general working capital. The acquisition is not expected to have any material effect on the Genting Group's profit for the financial year ending December 31, 2014.

GP Overseas Limited completed the acquisition of Spc Biodiesel Sdn Bhd from Sterling Plantations Limited (ASX:SBI) on February 21, 2014.