1/12/04 - Delloyd Ventures Bhd unit Delloyd Plantation Sdn Bhd has signeda memorandum of understanding to acquire a 60% stake in an oil palmplantation company PT Rebinmas Jaya for RM42.95 million.

Delloyd Plantation would acquire the stake in Rebinmas Jaya, which ownsthree oil palm plantations in Indonesia covering a total of 14,000hectares, from Mentiga Corporation Bhd subsidiary Selat Bersatu Sdn Bhdand one Karli Boenjamin, the company said on Dec 1.

It said under the deal the vendors would also dispose of a 35% stake inRebinmas Jaya to Taipan Hectares Sdn Bhd for RM25.05 million.

Upon signing the sales and purchase agreement, the vendors agreed toinvest at least RM150,000 a month for six months and not less than RM1million over the six-month period for the maintenance and rehabilitationof the plantations, it said.

The MoU, which was signed on Dec 1, would be effective for six months, itsaid.