Golden Land buys oil palm plantation abroad

PETALING JAYA: Golden Land Bhd is acquiring controlling stakes in two plantation companies, with permits to develop a total of 26,600ha in Sulawesi in Indonesia for US$5.73mil cash (RM20.65mil).

In a filing with Bursa Malaysia, the company announced that it entered into two conditional sale and purchase agreements (CSPA) yesterday with vendor Hery Hermawan Herijanto to acquire 68.75% in Parimo Agri Holding Pte Ltd (PAH) and Parigi Plantation Holding Pte Ltd (PPH) for US$3.25mil and US$2.49mil respectively.