06/06/2011 (Bernama) - Rimbunan Sawit Bhd (RSB) Friday announced that its wholly owned subsidiary, R.H. Plantation Sendirian Bhd, has entered into a conditional sale and purchase agreement with Sheba Resources Sdn Bhd for the proposed acquisition of a parcel of land with oil palm plantation at Sungai Luai and Sungai Bawah, Niah, Sarawak for RM118,000,000.

In a filing to Bursa Friday, RSB said the purchase price shall be satisfied via a combination of internally generated funds and bank borrowings.

It said the proposed acquisition was consistent with RSB's plans to continue to expand its oil palm cultivation business.