Sarawak Oil Palms buys land for RM11.5m to construct office

TheEdge Tue, Dec 01, 2020 06:54pm - 3 years View Original


KUALA LUMPUR (Dec 1): Sarawak Oil Palms Bhd (SOPB) plans to acquire two parcels of land in Miri for RM11.5 million to construct a corporate office.

The two parcels are located on Merbau Road, with a total area of 203.19 million square metres, the group said in a filing with Bursa Malaysia.

The related party transaction involves the group buying the assets from Chiong Ho Ling Sdn Bhd, Ling Chiong Ping and Ling Lu Siong.

Tan Sri Ling Chiong Ho is SOPB executive chairman and director. He is also the brother of Chiong Pin and uncle of Lu Siong.

SOPB said it planned to construct a corporate office which will allow the consolidation of the rented offices currently situated around various locations.

“This consolidation of corporate offices shall result in savings in rental and office staff operational efficiency,” it said.

SOPB expects to conclude the acquisition in three months.

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