Rimbunan Sawit to buy into 9 plantation firms

PETALING JAYA: Sarawak-based plantation firm Rimbunan Sawit Bhd is acquiring equity interests in nine plantation companies and the commercial rights to a plantation estate from several vendors for RM286.1mil to be satisfied via the issuance of shares and new irredeemable convertible preference shares (ICPS).

MIMB Investment Bank Bhd said in an announcement to Bursa Malaysia on behalf of Rimbunan Sawit that 28.33 million new shares and 191.75 million new ICPS shares at a price of RM1.30 per share/ICPS share would be issued for the acquisition.