18/04/2012 (Bernama) - Wijaya Baru Global Bhd clarified today that it is negotiating with interested parties to start timber extraction and thereafter plant oil palm in the Papua Province in Indonesia.

"However, the talks are in the preliminary stage and nothing has been finalised yet," the company said in an announcement to Bursa Malaysia in response to a recent news report entitled "Sarawak tycoon tightening grip on Wijaya".

The business daily reported that at least one of the public-listed companies controlled by (Sarawak tycoon Tan Sri) Ling (Chiong Ho) had sent in proposals.

It said Miri-based Shin Yang Group owned by Ling was proposing a joint venture with Wijaya, under which, it would bear the entire cost of felling the virgin jungle and set up an integrated timber complex.

Meanwhile, Ling's Sarawak Oil Palms Bhd is also reported proposing a joint venture to help plant the felled jungle with palm trees, a venture that could eventually cost some RM306 million.