OGL: Sale of minority interest in PT Vision Renewable Fuels

(29 December 2009)--ASX-listed firm Overseas & General Ltd wishes to inform the market that it has sold its bio-diesel investment 49% holding in PT Vision Renewable Fuels (PT Vision?)] to PT Vision?s majority shareholder P.T. Megapacific.

With this divestment, the Company is well placed to focus on the coal mining and exploration in East Kalimantan, Indonesia. The Board is currently undertaking due diligence on the coal project as previously announced to the market on 21 December 2009.

The Company is also reviewing the capital requirements and is considering various capital raising alternatives to fund the coal project. (end of release)

Editor?s Note:
P.T. Vision Renewable Fuels (?Vision?) is a special purpose vehicle set up via a strategic collaboration between Overseas & General Ltd and Megapacific Investment Ltd to venture into the renewable energy industry and expects to emerge not only as a significant producer in the biodiesel sector but also as a fully-integrated alternative energy provider.

Vision?s strategic partner, Megapacific Investment Ltd, is a growing investment holding company with core investments in manufacturing, transportation, engineering, contracting services, trading, property and real estate development

Vision plans to build a 400,000 MT multi-feedstock biodiesel plant to be located in Batam Island.