KUALA LUMPUR: WTK Holdings Bhd
has proposed to acquire a 15% stake in Durafarm Sdn Bhd for RM28.32mil cash.
In a filing with Bursa Malaysia, WTK said its wholly-owned subsidiary, BioFarm Venture Sdn Bhd entered into a shares sale agreement with Lembaga Amanah Kebajikan Masjid Negeri Sarawak to acquire 2.1 million shares, representing 15% equity interest in Durafarm.
On Jan 5, BioFarm Venture completed the acquisition of the 70% equity interest in Durafarm from Ocarina Development Sdn Bhd for RM132.2mil cash.
“Upon completion of the proposed acquisition, BioFarm Venture will increase its equity interest in Durafarm from 85% to 100%,” WTK said.
Durafarm is principally engaged in the business of planting and management of an oil palm plantation in Betong and Sri Aman, Sarawak with the principal market for the sale of fresh fruit bunches solely in the Sarawak region.
