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Managing director John Clendon yesterday said the plantation they envisaged was 15,000 rai of land on Sumatra or in Kalimantan province on Borneo with the capacity to provide 10 million seeds annually.

Each year, 60 million oil-palm seeds are produced in Indonesia. But Clendon said the figures were not enough for Indonesia's domestic demand, estimated at up to 100 million seeds a year.

"We are considering partners who would be suitable for a deal," he said, adding that the company would retain major control over the eventual management.

If goes well, the palm fruit produced will supply the system over the next 10 years.

The company announced strong third-quarter sales growth, driven mainly by skyrocketing prices and demand for palm oil.

Uvanich posted third-quarter sales of Bt522.5 million, jumping from Bt118.9 million in the same period last year. Earnings per share were Bt5.56, up from Bt1.27.

However, Clendon said the company expected to post a lower net profit next year following a drop in palm-oil demand. He declined to give any figures.

He said the company stopped exporting crude palm oil this month in support of a government policy to maintain the domestic retail palm-oil price at Bt22.50 a kilogram and palm fruit at Bt3.50 a kilogram.

"We deferred the export of our crude palm oil into January next year," said Clendon.

Out of the company's total production this year of 700,000 tonnes of harvested palm-oil fruit, 80 per cent was exported abroad, mainly to the EU and India.