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KUALA LUMPUR (Dec 23): Boustead Plantations Bhd (BPB) shares rose 1.88% in early trade today after S P Setia Bhd said it was acquiring five parcels of land measuring a total of 677.8ha in Seberang Perai Utara, Penang from BPB for RM620.12 million in cash.
At 9.09am, BPB rose 3 sen to RM1.63 with 169,700 shares traded.
In a filing with Bursa Malaysia yesterday, S P Setia said its wholly-owned subsidiary Setia Recreation Sdn Bhd had entered into a sale and purchase agreement with Boustead Plantations.
The proposed acquisition comes after a successful bid submitted by Setia Recreation under a tender process conducted by WTW Real Estate Sdn Bhd.
The property developer proposed a township development with a gross development value of approximately RM9.6 billion, marking the group’s maiden entry into the mainland of Penang.
Barring any unforeseen circumstances, S P Setia targets to launch the township development on the land in 2019/2020 and it is expected to take 15 to 20 years to complete. — theedgemarkets.com
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