Property developer Metro Kajang Holdings Bhd is expanding into Indonesia by buying the entire stake in SJL Utama Pte Ltd for RM24 million.
Labuan incorporated SJL has 94.9 per cent share equity in PT Khaleda Agroprima Malindo which has been issued with a land title of 15,942.6ha of land in Kalimantan Timur, Indonesia.
In a statement yesterday, Metro Kajang said SJL has the right to develop the land for oil palm plantation for 35 years with an option to renew for another 25 years.
"The acquisition is in line with the group's regional expansion plan in oil palm plantation and upon the completion of the acquisition both SJL and PT Khaleda will become subsidiary companies of Metro Kajang," said the directors.
Metro Kajang Group currently owns and manages several hundred acres of oil palm plantation in Peninsular Malaysia with its first venture in 1995.
By New Straits Times
Wednesday, December 26, 2007
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