KUALA LUMPUR: Harn Len Corp Bhd shares gained over 6% in early trade Monday following report that the company plans to maintain operations in Pahang.
The plantation company is one of the top gainers on Bursa Malaysia, rising 6.2%, or four sen to 68.5 sen. In the past one year, it has gained 18.1%.
StarBiz reported that Harn Len, which is disposing of its 5,249.7-acre oil palm estate in Pahang, will continue its plantation business in the state, contrary to its earlier plan to exit the Peninsular Malaysia market.
A source tells StarBizWeek that Harn Len will only dispose of its Lian Hup estate in Rompin as announced on Bursa Malaysia on April 29. For context, the oil palm grower also owns the 5,229.5-acre Senang estate in Pahang.
“The decision is to sell only one estate. The other (Senang estate) will be kept. There are only two estates in Pahang,” he says.
Earlier in February, Harn Len via its property agent advertised in The Star to invite interested parties to bid for the Senang and Lian Hup estates.
As of Dec 31, 2018, Harn Len had outstanding creditors amounting to RM122.4mil. In comparison, the group only has cash and cash equivalents of RM1.06mil.