Teck Guan buys 510 acres of leasehold land in Tawau 

KUALA LUMPUR: Teck Guan Perdana Bhd is expanding its landbank in Sabah with the purchase of a parcel of land in Tawau for RM11.94mil.

The company, is a filing with Bursa Malaysia today, said wholly owned subsidiary Tawau Cocoa Estate Sdn Bhd had on Sept 2 entered into a sale and purchase agreement with Kebun Rimau Sdn Bhd for the purchase of one parcel of leasehold land measuring approximately 510.6 acres in Tawau.

"The Acquisition is currently planted with fruits and other crops (166 acres), facilities (21 acres), and the rest is undeveloped land (323.6 acres)," Teck Guan said.

There is no oil palm planted on the land.

Teck Guan said no valuation has been carried out on the land and the purchase price was arrived at based on a ‘willing-seller willing- buyer’ basis.

"The Acquisition would enable Tawau Cocoa Estate to increase its planted area and as a result, will increase fresh fruit bunch production and crop yield to meet the growing market demands in line with the projected growth of the palm oil industry," it said.

"With the expansion of Tawau Cocoa Estate’s planted area, the palm oil business of the Company is expected to be able to seize opportunities for future business expansion and growth," it added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Teck Guan Perdana


Did you find this article insightful?


100% readers found this article insightful

Next In Business News

ANALYSIS-Yellen-backed policies set to aid risk assets, raise longer-term worries
Lumentum to buy laser manufacturer Coherent Inc in US$5.7bil deal
Wall St closes higher as Yellen backs more stimulus
MCO 2.0 to cost Malaysia RM600m daily, Zafrul says
Two Menang Corp shareholders seek removal of four directors
Federal Court rules in favour of house buyers over late delivery
Beshom to take over listing status of Hai-O Enterprise
Karyon reports 4 workers tested positive for Covid-19
KLCI reverses gains, falls 7.64 points
Dollar drops as traders prepare for Yellen to talk up stimulus

Stories You'll Enjoy