Boustead Plantations buys Sandakan land, mill for RM397mil
19.07.2018 (The Star Online) - KUALA LUMPUR: Boustead Plantations Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
is buying 4,915 ha of plantation land in Sandakan, Sabah, inclusive of a 75-tonne per hour palm oil mill.
The indicative purchase price, according to a Bursa Malaysia filing, is RM397mil.
The purchase consideration varies from an earlier filing on May 8, 2018, which said that the purchase consideration was RM433mil.
In that May 8 filing, Boustead Plantations said its subsidiary Boustead Rimba Nilai Sdn Bhd was buying 5,531 ha of plantation land , including a 60-tonne per hour palm oil mill, for RM433mil.
The vendor is Sit Seng & Sons Realty Sdn Bhd. Boustead Plantations said its subsidiary paid RM7.56mil on May 8, 2018.
Yesterday, Boustead Plantations said Boustead Rimba Nilai agreed to purchase the entire equity interest in Lubah Plantations (S) Sdn Bhd and Ever-Yield Sdn Bhd which own the plantations, both of which are subsidiaries of Sit Seng & Sons Realty. The plantation land comprises 17 titles held by the vendor and its subsidiaries in Beluran, Kinabatangan and Labuk and Sugut and a 75-tonne per hour palm oil mill.