Kim Loong buys palm oil estates in Sabah for RM92.5mil

KUALA LUMPUR: Kim Loong Resources Bhd is buying close to 2,900 acres of fully cultivated palm oil plantation in Kinabatangan, Sabah in four separate deals worth a combined RM92.5mil.

The company, in a filing with Bursa Malaysia today, said the purchase price valued the estates at about RM32,500 per acre.

"The purchase prices are fair and reasonable considering the palm age profile, well-maintained condition of plantations by the Vendors, accessibility and good location nearby the group’s existing plantations," it said.