STIDC reorganisation exercise
KUALA LUMPUR: Sarawak Timber Industry Development Corp (STIDC) will inject its timber concession and commercial operations into Pusaka Capital Sdn Bhd as part of a reorganisation exercise to list the company.
Pusaka Capital is a special purpose vehicle (SPV) set up by STIDC, which is also a timber regulatory body.
It will have four main commercial subsidiaries involved in oil palm plantations, logistics, property development and construction.
STIDC yesterday said it will transfer properties and 1,280ha of land in Tanjung Manis and several companies, including a port operator, into the SPV.
Pusaka Capital may also increase its timber ventures.
STIDC chairman Datuk Amar Awang Tengah Ali Hasan said Pusaka Capital will be financial-ly and operationally prepared for mega projects in Sarawak and abroad.
The company is also expected to clinch palm oil, ports and logistics, infrastructure, and timber projects worth RM3.8 billion in Sarawak.
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