In a filing with Bursa Malaysia, NPC, a Sabah-based oil palm plantations company, said it had accepted a non-binding offer from IOI Corp yesterday.
NPC said IOI Corp had proposed to acquire 3, 746ha of oil palm planted areas in Labuk and Sugut, Kinabatangan, and Beluran, held by subsidiaries of NPC, for RM226.58mil.
The proposal also included the acquisition of a parcel of land measuring 881.35ha of oil palm planted area in Labuk and Sugut, in which a subsidiary of NPC – Berkat Setia Sdn Bhd – holds development rights.
The Labuk and Sugut, Kinabatangan and Beluran land acquisition is expected to be finalised by Aug 30, 2021, while the parcel of land in Labuk and Sugut is by Sept 30, 2021. — Bernama