NPC receives RM281mil offer from IOI Corp

NPC, a Sabah-based oil palm plantations company, told Bursa Malaysia that it had accepted a non-binding offer from IOI Corp yesterday.(File pic shows one of the palm oil plantatations owned by IOI)Sagil Estate

KUALA LUMPUR: NPC Resources Bhd has received an offer from IOI Corp Bhd (IOI Corp) to buy oil palm agriculture land in Sabah for RM281.22mil.

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

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