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DPO, Batu Emas To Cultivate Oil Palm On NCR Land In Sarawak
DPO, Batu Emas To Cultivate Oil Palm On NCR Land In Sarawak
13/04/2015 (Bernama) - Asia Media Group Bhd's wholly-owned subsidiary, DPO Plantations Sdn Bhd will form a joint venture (JV) company with Batu Emas Resources Sdn Bhd to cultivate oil palm in Sarawak.
In a filing to Bursa Malaysia, Asia Media said DPO would pay RM1.25 million to Batu Emas for the 4,361-hectare native customary rights (NCR) land in Loba Bunut, Bintangor.
It said the sum would be funded via internally-generated funds, bank borrowings and/or additional funds raised from the capital market.
On the JV company, DPO would hold a 60 per cent stake, while Batu Emas 30 per cent and Sarawak Land Custody Development Authority the remaining 10 per cent.
In a filing to Bursa Malaysia, Asia Media said DPO would pay RM1.25 million to Batu Emas for the 4,361-hectare native customary rights (NCR) land in Loba Bunut, Bintangor.
It said the sum would be funded via internally-generated funds, bank borrowings and/or additional funds raised from the capital market.
On the JV company, DPO would hold a 60 per cent stake, while Batu Emas 30 per cent and Sarawak Land Custody Development Authority the remaining 10 per cent.