Fima subsidiary to challenge BPN order


KUALA LUMPUR: FIMA Corp Bhd has begun legal proceedings to challenge the order by the National Land Agency (BPN) under Indonesia’s Agricultural and Spatial Planning Ministry to revoke its subsidiary’s land cultivation rights (Hak Guna Usaha or HGU) affecting 3,691.9ha planted area.

In a filing with Bursa Malaysia, the plantations and security printing company said its 80%-owned Indonesian subsidiary, PT Nunukan Jaya Lestari (PTNJL), had decided to challenge the Ministerial Order to revoke its HGU with immediate effect.

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Business , Fima Corp Bhd , Plantations

   

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