BRNSB to buy 2 pieces of oil palm plantation
Boustead Rimba Nilai Sdn Bhd (BRNSB) has proposed to acquire two pieces of oil palm plantation land in Lahad Datu, Sabah for RM184.59 million.
In a filing to Bursa Malaysia today, Boustead Holdings Bhd said BRNSB has entered into a conditional sale and purchase agreement with Uniglobal Sdn Bhd for the acquisition of two pieces of leasehold land, which currently operated as oil palm plantations.
BRNSB is a wholly-owned unit of Boustead Plantations Bhd (BHP), which is a wholly-owned subsidiary of Boustead Holdings.
Boustead Holdings said the proposed acquisition was expected to be funded by by internally-generated funds and/or bank borrowings.
However, the breakdown has yet to be determined at this juncture, it said.
"The proposed acquisition is in line with BHP and its subsidiaries’ intention to expand their oil palm activities in Malaysia," said Boustead Holdings.
The exercise was expected to be completed within three months, it said.
As of 2.53pm, Boustead Holdings' share price rose five sen to RM5.19, with 77,700 shares done.-- Bernama