OIB buys Sime Darby Plantation land in Kuala Langat for RM40mil

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: Oriental Interest Bhd (OIB) is buying a piece of land in Kuala Langat, Selangor from Sime Darby Plantation Bhd for RM40.1mil.

The property developer, in a filing with Bursa Malaysia today, said 70% owned Myra Land Sdn Bhd has entered into a sale and purchase agreement with Sime Darby Plantation to acquire 104 acres of oil palm land.  

"The proposed acquisition is in line with the group’s strategic planning to leverage on the group’s strengths in property development and construction to develop the land complementary the group’s existing development in Klang Valley," it said.


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