Upon completion of the proposed deal, WTK’s oil palm planted area will increase 34.54% to 16,428.5ha
SARAWAK-BASED WTK Holdings Bhd has proposed to acquire a plantation land and the palm oil mill in Miri, Sarawak, for a total of RM250 million.
In an exchange filing yesterday, the Sibu-based company has signed a conditional sales agreement to acquire plantation company BHB Sdn Bhd which owns a plantation measuring 5,043.1ha in Sungai Niah in Niah, Miri.
It will pay RM237.5 million for the BHB and RM12.5 million for the Batu Niah Palm Oil Mill in the deal deemed as a related party transaction.
BHB, which is also headquartered at Sibu, is principally engaged in the business of planting and management of an oil palm plantation in Miri.
Upon completion of the proposed deal, WTK said its oil palm planted area will increase 34.54% to 16,428.5ha.
WTK has an established presence in the oil palm cultivation business in Sarawak which includes upstream oil palm plantation activities and downstream palm oil mill operations. The group is involved in timber, plantation and manufacturing.
Its stock closed yesterday’s trading at 50.5 sen to give it a market capitalisation of RM243 million. — TMR / pic source wtkholdings.com
RELATED ARTICLES





