KUALA LUMPUR: Shares in NPC Resources Bhd
rose to their highest level in eight weeks in early trade on Tuesday, following news of the company's disposal of a loss-making Indonesian unit for RM29mil.
The Sabah-based plantation group added 4.4%, or eight sen to RM1.90, its highest since July 9. Year-to-date, it has risen some 5.5%.
NPC Resources 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.
It said EAS has been a loss-making company for the past three financial years.
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.
