BLD Plantation acquires two Bintulu properties for business expansion

• The group added that the proposed acquisitions align with its future business expansion plans, considering the strategic location and easy accessibility of the land for potential development.

KUALA LUMPUR (Jan 16): BLD Plantation Bhd has acquired two properties in Bintulu, Sarawak, for RM24 million for its business expansion.

In a bourse filing on Tuesday, the Sarawak-based plantation group said that its wholly-owned unit, Kinrara Palm Oil Refinery Sdn Bhd, had entered into separate sale and purchase agreements (SPAs) with Syarikat Sebangun Sdn Bhd for the purchase of a 1.4533-hectare property for RM7 million and a 3.459ha property for RM17 million.

BLD Plantation said that the purchase considerations were determined through negotiations on a "willing-buyer willing-seller" basis, taking into account the market value of the properties.

The group added that the proposed acquisitions align with its future business expansion plans, considering the strategic location and easy accessibility of the land for potential development.

"The proposed acquisition is also anticipated to enhance the future financial performance of the group," it said, adding that the funding would come from a combination of internally generated funds and bank borrowings. It expects the land acquisition to be completed within three months from the date of the SPAs.

Shares in BLD Plantation were last traded at RM11.20, giving the group a market capitalisation of RM1.05 billion.

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