KUALA LUMPUR (Aug 25): Boustead Plantations Bhd is not going through with the acquisition of an oil palm plantation land in Labuk, Sabah from Lubah Plantations (S) Sdn Bhd for RM38.21 million.
This comes as the sale and purchase agreement lapses today, due to the non-fulfilment of one of the conditions precedent within the extended conditional period by the seller, it said in a bourse filing.
The plantation, measuring 1,233 acres together with assets and buildings on-site, was initially part of a larger plantation asset acquisition by Boustead Plantations' wholly-owned unit Boustead Rimba Nilai Sdn Bhd — including 12,144.89 acres in Sabah — for RM396.87 million that was announced in August 2018.
The acquisition of the remaining land measuring 109,908.89 acres for RM358.66 million was completed in April 2019.
Shares in Boustead Plantations closed half a sen or 1.3% higher at 39 sen, valuing the group at RM873.6 million.
Edited by Lam Jian Wyn