KUCHING: Diversified group WTK Holdings Bhd
is expanding its oil palm plantation business via a second acquisition that will reduce its reliance on the traditional timber business, which is currently facing tough times.
Its chairman Tan Sri Sulong Matjeraie said the group is set to raise its oil palm planted area by 34.54% to 16,429ha upon the completion of its latest proposed acquisitions of plantation firm B.H.B Sdn Bhd for RM237.5mil and a palm oil mill in Miri division for RM12.5mil.
The cash acquisitions of B.H.B, which owned 4,217.6ha of oil palm estate and a palm oil mill, is expected to be completed in early May this year, he noted.
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