KUALA LUMPUR: Chin Teck Plantations Bhd 's wholly-owned subsidiary VMAS Untung Sdn Bhd plans to acquire five million shares representing the entire equity interest in Fauzi-Lim Plantation Sdn Bhd for RM45mil cash. The plantations group said a filing with Bursa Malaysia it had entered into a conditional share sale agreement with MWE Holdings Sdn Bhd to purchase FLP, whose principal activity is to manage and operate an oil palm plantation. It said FLP has sub-leased from Yayasan Islam Kelantan a 2,023.4ha tract of agricultural land in Relai in Gua Musang, Kelantan, which it has developed into an oil palm plantation. Chin Teck said the proposed acquisition provides it with an opportunity to pursue its long-term strategy of expanding its plantation business through brownfield oil palm plantations. "The long-term prospects of palm oil is promising as there is a global demand for palm products," it said.

Source: thestar September 13, 2022 02:48 UTC