1/9/06 (The Edge News) -  IOI Corp Bhd has acquired a 70% stake or 9.1 million shares in Sarawak-based Rinwood Pelita Plantation Sdn Bhd from Rinwood Oil Palm Plantation Sdn Bhd (ROPP) for RM21.3 million cash.

In a statement on Sept 1, IOI Corp said it had also obtained the exemption from the Securities Commission from undertaking a mandatory take-over offer for the remaining 30% stake in Rinwood Pelita.

IOI Corp said it had also acquired 2.1 million shares representing 70% paid up capital in Rinwood Pelita Quarry Sdn Bhd from ROPP for RM10 cash. In addition, IOI Corp also paid RM29.27 million to ROPP, the amount owed by Rinwood Pelita to ROPP and its associates as at July 31, 2006.

Rinwood Pelita is involved in the cultivation of oil palm with land totalling 9,040ha located in the Dulit and Tinjar districts in Baram of which about 3,167ha had been planted with oil palm trees aged between three to 10 years.

Rinwood Quarry holds a license to quarry.

“The cultivation of oil palm is one of the core businesses of the IOI Group and the acquisition will consolidate IOI Group’s position as a major palm oil producer.

“The acquisition will provide a platform for IOI Group to further expand its presence in the palm oil industry in Sarawak,” it said.