KUALA LUMPUR (Sept 28): Fima Corporation Bhd is proposing to buy two pieces of leasehold plantation land measuring 3,237 hectares (ha) in Gua Musang, Kelantan for RM51.5 million.

The oil palm plantation and security printing group said the proposed acquisition of the land from PMBK Sawit Sdn Bhd represented an opportunity for Fima to acquire brownfield plantations and expand its plantation landbank in Malaysia.

“It is envisaged that the acquisition would enable Fima to develop and establish its own palm oil mill in the medium term to enjoy better margins as opposed to selling fresh fruit bunches to third-party mills,” it said in a filing with Bursa Malaysia today.

The land had been partially developed, with 2,149.8 ha planted with oil palm and the remaining 1,087.5 ha unplanted, the company said.