Quantum Logistics, a company incorporated in the British Virgin Islands, has signed a Plantation Development Agreement with OGL Asia Pacific Sdn., a wholly-owned controlled entity of Overseas & General Ltd. The companies agreed to develop 20,000 hectares of Oil Palm Plantation in Papua New Guinea.
The Agreement for Development secured by OGL Asia Pacific is for a contract sum of AU$50m, for a period of 33 months – from October 2007 to the year 2010.
Uder the terms of the Agreement, OGL Asia-Pac must receive a non-refundable preliminary advance payment of AU$1m on or before 15 October 2007. Quantum shall deliver the development site at a date no later than the 2nd week of October 2007.