KUALA LUMPUR: Kim Loong Resources Bhd
is buying close to 2,900 acres of fully cultivated palm oil plantation in Kinabatangan, Sabah in four separate deals worth a combined RM92.5mil.
The company, in a filing with Bursa Malaysia today, said the purchase price valued the estates at about RM32,500 per acre.
"The purchase prices are fair and reasonable considering the palm age profile, well-maintained condition of plantations by the Vendors, accessibility and good location nearby the group’s existing plantations," it said.
Kim Loong on Wednesday entered into four separate deals to acquire the plantations.
The company said it has not commissioned any independent valuation of the acquisitions prior to entering into the sales and purchase agreements (SPAs).
"However, the board of directors of Kim Loong is of the view that the purchase prices are fair and reasonable and the acquisitions are in the best interest of the group," it said.
...