Boustead Plantations to gain RM527mil from land sale

Deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said the improved results is testament that the company

PETALING JAYA: Boustead Plantations Bhd (BPB) expects to realise an estimated gain of RM527.3mil from selling 677.78ha of freehold land in North Seberang Prai to SP Setia Bhd’s unit, Setia Recreation Sdn Bhd, for RM620.1mil cash.

In a filing with Bursa Malaysia, the company said this represented an upfront gain of RM777,907 per hectare, which would increase BPB’s shareholders’ value by about 33 sen per share.