July 27, 2011

Lion Forest to acquire land in Cambodia


Lion Forest Industries Bhd has proposed to acquire 9,995 hectares of "economic land concession" (ELC) in Preah Vihear,
Cambodia, for US$3.9 million (RM11.77 million).

Lion Forest said its wholly-owned subsidiary, Harta Impiana Sdn Bhd, had issued an instruction notice to Seng Enterprise Co Ltd to identify the ELC and assist Harta Impiana's Cambodian incorporated wholly-owned subsidiary, Eminent Elite (Cambodia) Co Ltd, to procure from the Cambodian government the concession
rights to the ELC of the identified land for a concession period of not less than 70 years.

"The identified land is for the purposes of cultivation and planting of oil palm and/or rubber trees," the company said in a filing to Bursa Malaysia today.

The proposed acquisition is part of Lion Forest's effort to seek new business opportunities following its disposal of tyre operations both in Malaysia and China.

The company said it was also seeking to acquire lands in other Southeast Asia countries including Indonesia, Thailand, Vietnam, Myanmar and Laos for the purposes of cultivation of rubber and palm oil trees and other agro industrial crops.

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