Boustead Plantations selling Kulai estate

According to BPB chief executive officer Zainal Abidin Shariff, the deal with SIPP Power to monetise the asset is an ideal opportunity for the group, in line with the BPB’s “Reinventing Boustead” strategy. (File pic shows oil palm fruits from one of Boustead Plantations.)

PETALING JAYA: Boustead Plantations Bhd (BPB) will be disposing of its 664 ha Kulai Young Estate to SIPP Power Sdn Bhd for RM429mil.

The estate sale, which is part of BPB’s asset rebalancing efforts, was priced about 10% or RM39mil higher than the market value of RM390mil accorded by the valuer.