PNB emerges as substantial shareholder in United Plantations

PNB emerges as substantial shareholder in United Plantations
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KUALA LUMPUR (March 17): United Plantations Bhd said Permodalan Nasional Bhd (PNB) has emerged as a substantial shareholder in its company, which owns some 40,855 hectares of land in Perak.

In a filing with Bursa Malaysia today, United Plantations said PNB via AmanahRaya Trustees Bhd bought some 3.09 million shares on the open market, thus boosting its interest in the oil palm plantation player to 10.81 million shares, equivalent to a 5.2% stake.

It is not clear how much PNB paid for the 3.09 million shares, but based United Plantation's closing price of RM28.30 today, the government-owned fund could have forked out some RM87.42 million.

Also, at today's closing price, PNB's 10.81 million stake in United Plantations is valued at RM305.87 million, while the oil palm planter is valued at a market capitalisation of RM5.89 billion.