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Article: Malaysia: IOI Corp buys plantation firms in Sarawak for RM440m ($ 138 mn).
- Article from:
- TendersInfo
- Article date:
- March 21, 2008
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Byline: pinto03
IOI Corporation Bhd is acquiring major shareholdings in six Sarawak-based plantation firms, thereby increasing its plantation landbank to 365,800ha in a bid to capitalise on the positive palm oil industry prospects. The RM439.85 million ($ 138 mn) acquisition will bring in an additional 44,350ha of plantation land, of which 13,500ha was already planted.
IOI Corp, which has an existing 9,000ha of plantation land in the state, will also pay the net debt of RM33.69 million ( $ 10 mn) owing by the companies as at Dec 31, 2007 to the vendors.
IOI Corp said yesterday it had entered into a conditional share sale agreements with Double ...