PETALING JAYA: Kim Loong Resources Bhd
is acquiring 75% equity interest in Kim Loong Mills (Sarawak) Sdn Bhd (KLMS) from Kim Loong Plantations Sdn Bhd (KLP) for RM10mil.
Announcing the related-party transaction in a Bursa Malaysia filing, Kim Loong said KLMS owns 12 adjoining lots of vacant mixed-zone freehold land totalling 51.731 ha, all in Lachau, Pantu, District of Selanjan, Sarawak, which are intended for the construction of a palm oil mill.
Kim Loong said the acquisition is part of the group’s long-term strategy on setting up a palm oil mill in Sarawak and providing support to its plantation in Sarawak.
“The location of the proposed palm oil mill is near the Kim Loong group’s existing plantation in Sarawak,” it said.
