05/9/06 (Business Times) - - IOI Corporation Bhd has acquired a 70 per cent stake in Sarawak-based Rinwood Pelita Miri Plantation Sdn Bhd (RP Miri) from Rinwood Oil Palm Plantation Sdn Bhd (ROPP) to pave the way for biodiesel development in the state.

Following completion of the share sale agreement between the two companies in Kuching yesterday, IOI now has 9.1 million shares, worth RM21.3 million, in ROPP.

IOI group executive chairman Tan Sri Lee Shin Cheng said the acquisition would provide IOI with a platform to further expand its presence in the oil palm industry in Sarawak.

"We are happy to invest in Sarawak and since we are here, we are committed to create a new benchmark and bring positive impact and changes for the industry," he said.

He added that said IOI would bring in its superior planting materials, expertise and best practices in agronomy managment to Sarawak in line with the state government's plan to develop one million hectares of oil palm plantation in the next five years.