PETALING JAYA: Genting Plantations Bhd’s (GenP) 73.68%-owned indirect subsidiary Palmindo Holdings Pte Ltd is acquiring the rights to develop 21,995ha of oil palm plantations in West Kalimantan from the Sepanjang group, GenP’s equity partner in Palmindo, for US$42.15mil (RM172.9mil) in cash.
In a filing with Bursa Malaysia, GenP said Palmindo had signed a conditional agreement with Sepanjang group’s unit Green Palm Capital Corp to buy the entire equity interest in Cahaya Agro Abadi Pte Ltd (CAA), whose 95%-owned subsidiary PT Agro Abadi Cemerlang has the rights to develop 8,095ha, for US$34.55mil (RM141.72mil).