Thursday 28 Mar 2024
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KUALA LUMPUR: CB Industrial Product Holding Bhd (CBIP) is acquiring an 85% stake in Indonesia-based PT Sawit Lamadau Raya (SLR) in line with its business of design, manufacturing and trading of a wide range of palm oil mill equipment, and also the cultivation of oil palm from its existing oil palm plantation.

In a filing to Bursa Malaysia yesterday, CBIP said its wholly owned subsidiary Steam-Mech Engineering Sdn Bhd had acquired 1,700 shares of one million rupiah (RM359) each, representing 85% of SLR’s paid-up capital from British Virgin Island-based Gseeds Investment Ltd (Gseeds) for RM4 million.

It said SLR was currently engaged in the preliminary establishment of oil palm plantations, and the intended principal activity of SLR was cultivation of oil palm and production of crude palm oil and palm kernel.

CBIP said the purchase consideration would be satisfied via cash of RM1 million and supply of machinery and assets totalling RM3 million to Gseeds. The cash portion of the purchase would be financed by internally generated funds, it said.

This article appeared in The Edge Financial Daily, December 10, 2009.

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