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