KUALA LUMPUR: Johor Corp's (JCorp) sale of palm oil plantation to its 55.9%-owned subsidiary Kulim (M) Bhd is part of its plan to fulfil its 2012 debt obligations to creditors while it plans to take on additional debt next year.
JCorp, which announced the asset swap of six parcels totalling 13,687 hectares of palm oil land in August, intends to use the RM700mil cash that Kulim will pay to its parent to pay off debt, of which RM1bil is due by July 31, 2012.
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