NPC withdraws offer to sell estates in Sabah to IOI Corp 

KUALA LUMPUR: NPC Resources Bhd has aborted a plan to sell about 4,600 hectares of oil palm plantations in Sabah to IOI Corp Bhd.

"The company is unable to accept the indicated revised purchase price for the proposed transactions and is withdrawing the offer to sell the properties and the Koperasi land, and as such would discontinue further negotiations on the terms of the Proposed Transactions," NPC said in a filing today.

NPC, on July 5 said it has received a RM281mil non-binding offer from IOI Corp to acquire the company's oil palm estates in Labuk, Sugut, Kinabatangan and Beluran districts in Sabah.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

NPC Resources , IOI Corp , palm oil


Next In Business News

Car sales revved up in September as curbs lifted
German-based H&R to invest RM200mil in speciality plant in Perak
IOI Investment offers to purchase US$600m debt notes
Straits Energy Resources unit to acquire RM14.5mil oil tanker
RAM: Edra Solar’s debt service capacity to be strong
Moody's assigns first-time ratings to Hibiscus; outlook stable
Moody’s upbeat on IOI outlook, riding on earnings’ growth, higher CPO prices
ACO partners EV Connection to install electric vehicle fast-charging station
Gamuda unit acquires Binh Duong land for development project
FBM KLCI continues bullish trend amid energy crunch

Others Also Read