WTK buys Rimbunan Sawit land in Miri for RM85mil

TheStar Thu, Jan 23, 2020 08:30am - 4 years View Original


WTK said a total of 3,390 ha of the land has been planted between 2012 and 2014, while another 1,123 ha is considered as unplantable area.

KUALA LUMPUR: WTK HOLDINGS BHD is buying plantation land in Miri from RIMBUNAN SAWIT BHD for RM85mil cash, expanding its oil palm planted area by 39% from 8,662 ha to 12,052 ha.

“The property is strategically located adjacent to the group’s estates, allowing the group to have logistic and accessibility advantages as well as benefit from economies of scale through operational synergies, ” WTK said in a filing with Bursa Malaysia yesterday.

“The board firmly believes that the proposed acquisition represents a strategic investment which will expand the group’s plantation activities and is expected to contribute positively to the group’s future prospects and earnings.”

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