KUALA LUMPUR, April 4 — TSH Resources Bhd plans to dispose of land in North Kalimantan, Indonesia for a total of RM711.66 million.
In a filing with Bursa Malaysia today, the oil palm plantation group said the proposed disposal will be made through its 90 per cent-owned subsidiary, PT Bulungan Citra Agro Persada (BCAP).
TSH Resources said that in line with the proposed disposal, BCAP has entered into a heads of agreement with PT Kawasan Industri Kalimantan Indonesia and PT Kalimantan Industrial Park Indonesia.
The proposed disposal includes two plots of land in Tanah Kuning Village, covering a total area of 3,829.27 hectares (ha); and five plots of land in Mangkupadi Village, covering a total area of 9,385.63 ha.
The group added that the disposal also includes plots of land in Tanah Kuning Village and Mangkupadi Village that have been previously acquired by TSH Resources from individuals landowners but have not yet been certified and registered in the National Land Agency Indonesia.
“The buyers intend to undertake an industrial development on the subject land, while the proposed disposal will be satisfied entirely by cash,” it said. — Bernama