Asia Media unit in oil palm JV

KUALA LUMPUR: Asia Media Group Bhd subsidiary DPO Plantations Sdn Bhd will form a joint-venture company with Batu Emas Resources Sdn Bhd to cultivate oil palm in Sarawak.

In a filing with Bursa Malaysia, Asia Media said that DPO would pay RM1.25mil to Batu Emas for the 4,361ha native customary rights (NCR) land in Loba Bunut, Bintangor.

It said the sum would be funded via internal funds, bank borrowings and/or additional funds raised from the capital market.

DPO would hold a 60% stake in the JV company, while Batu Emas and Sarawak Land Custody Development Authority would hold 30% and 10%, respectively. — Bernama