The Tee family’s interest in United Malacca does not end with Prosper Palm Oil Mill. Cheekah-Kemayan Plantations Sdn Bhd, which has 6.21% equity interest in United Malacca, is also part of the group. It is not clear why Prosper Palm Oil Mill has acquired such a large block of shares in United Malacca. Prior to the said sale, United Malacca owned and managed 49,223ha of oil palm estates in Malaysia and Kalimantan, Indonesia. In its cumulative three months ended July 31, 2019, United Malacca paid RM2.86 million in finance costs.

Source: The Edge Markets October 22, 2019 09:11 UTC