Boustead to buy Sabah oil palm land for RM397mil

Malaysian palm oil futures fell to their lowest in three months on Monday evening as sentiment took a hit from India's move to raise import tax on edible oils to its highest in over a decade

PETALING JAYA: Boustead Plantations Bhd (BPB) has proposed to buy 12,145 acres of oil palm plantation land in Sabah for RM397mil cash.

In its filings with Bursa Malaysia, BPB said its wholly owned subsidiary – Boustead Rimba Nilai Sdn Bhd – had signed a sale and purchase agreement with 12 parties for the acquisition of oil palm plantation land comprising 17 land titles, together with a 75-tonne-per-hour palm oil mill and buildings erected thereon.