22/09/2011 (The Star) - Six plantation companies, including one from Peninsular Malaysia, are expected to invest over RM300mil to open up some 33,200ha of native customary rights (NCR) land in Sarawak for oil palm development.

The six Palmraya Plantation Sdn Bhd, Sarikei Oil Palm Plantation Sdn Bhd, Millionmore Sdn Bhd, Karisma Tradisi Sdn Bhd, Cita Global Agro Sdn Bhd and Dynamic Jutamas Sdn Bhd signed memorandums of understanding (MoUs) with the NCR landowners and the state-owned Land Custody and Development Authority (Pelita) to jointly develop the land in different parts of the state.

Sarawak Land Development Minister Tan Sri Dr James Masing witnessed the event here.

The plantation companies, which will each hold 60% equity in the joint ventures (JVs), will provide the capital for the plantation development. The NCR landowners co-own 30% and Pelita the remaining 10% in the JVs. Pelita is the project managing agent to protect the interests of the landowners.