Astral Asia Bhd, a civil engineering and building contract works company, will focus on its plantation side this year, expanding its current palm oil and agricultural land totalling 7,790ha by another 50%.
“Oil palm plantation is a long-term investment and has fewer competitors. This will be our focus for the year,” deputy executive chairman Datuk Lim Kang Poh said after the company EGM in Kuala Lumpur yesterday.
The EGM approved a proposal for 65%-owned subsidiary Syarikat Ladang LKPP Sdn Bhd (SLLKPP) to lease 1,494ha of leasehold agricultural land in Pahang from Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang (LKPP) for a cash consideration of RM16.9mil.
Shareholders also voted in favour of another proposal for SLLKPP to develop, manage and maintain about 2,050ha in Pahang for oil palm and other agriculture.
Currently, the company has 7,790ha under oil palm and other agriculture in Pahang.
Lim also said the company was expecting a RM100mil contract from the Government to boost its construction sector.
He added that the company recently secured a RM40mil contract from the Health Ministry to add a new building to the Sultanah Aminah Hospital in Johor Baru.