Genting Plantations buys firms

Asian share markets faced a testing time on Monday after Wall Street suffered its worst starting week in history and doubts over Beijing's policy choices sent investors into the arms of the safe-haven yen and sovereign bonds.

PETALING JAYA: Genting Plantations Bhd’s (GenP) 73.68%-owned indirect subsidiary Palmindo Holdings Pte Ltd is acquiring the rights to develop 21,995ha of oil palm plantations in West Kalimantan from the Sepanjang group, GenP’s equity partner in Palmindo, for US$42.15mil (RM172.9mil) in cash.

In a filing with Bursa Malaysia, GenP said Palmindo had signed a conditional agreement with Sepanjang group’s unit Green Palm Capital Corp to buy the entire equity interest in Cahaya Agro Abadi Pte Ltd (CAA), whose 95%-owned subsidiary PT Agro Abadi Cemerlang has the rights to develop 8,095ha, for US$34.55mil (RM141.72mil).