Monday, August 29, 2011

Lion Forest arm to acquire land in Cambodia

Aug 29, 2011

Harta Impiana Sdn Bhd has proposed to acquire economic land concession in Kampong Thom Province, Cambodia, for US$26.1
million (US$1=RM2.94).

In a filing to Bursa Malaysia today, Lion Forest Industries Bhd (LFIB) said its wholly-owned unit has issued a notice to Seng Enterprise Co Ltd identifying six parcels of economic land concession, totalling 58,000 hectares, to be acquired. It said the land cost US$450 per ha.

LFIB said the identified land would be used for oil palm and/or rubber cultivation. It said the proposed acquisition would allow LFIB group the opportunity to tap into a new core business and also to diversify its earnings stream by investing in the land for rubber and/or oil palm.

"The exercise is expected to be completed by the second half of this year and it will be funded by internally-generated funds," it said. -- Bernama

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