PETALING JAYA: NPC Resources Bhd
is disposing of its indirectly-owned wholly-owned subsidiary, PT Enggang Alam Sawita (EAS), to PT Bayan Resources Tbk and PT Bayan Energy for RM29.33mil.
In a filing with Bursa Malaysia, NPC said EAS has been a loss making company for the past three financial years.
“The proposal disposal is in line with NPC’s steps of actively looking for interested parties to buy certain plantation assets of the group to unlock the value of assets to pare down the borrowings and payable amounts.”
NPC said the proposed disposal will enable it to accelerate its planting program to develop its remaining unplanted plantation lands in Indonesia and replanting program in Sabah.
“The proposed disposal will further improve the cash flow position of the group,” it said.
