Harn Len jumps 11% on sale of land and mill for RM182.99m

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KUALA LUMPUR (April 30): Shares in Harn Len Corp Bhd jumped 11.03% after Far East Holdings Bhd proposed to acquire 2,134 hectares of oil palm plantation land in Rompin, Pahang, and a palm oil mill from the group for RM182.99 million cash.

At 9.18am, Harn Len rose 7.5 sen to 75.5 sen with 430,600 shares traded.

Far East yesterday said it will fund the acquisition through internally-generated funds.

The group said the palm oil mill has a capacity of 40 tonnes of fresh fruit bunches per hour.

Far East said the proposed acquisition is in line with its expansion plan and will broaden the group’s income base through increased plantation acreage at a "reasonable" cost and at a strategic location.