August 29, 2011

Lion Forest arm to buy land in Cambodia


Harta Impiana Sdn Bhd has proposed to acquire economic land concession in Kampong Thom Province, Cambodia, for US$26.1
million (US$1=RM2.94).

In a filing to Bursa Malaysia today, Lion Forest Industries Bhd (LFIB) said its wholly-owned unit has issued a notice to Seng Enterprise Co Ltd identifying six parcels of economic land concession, totalling 58,000 hectares, to be acquired. It said the land cost US$450 per ha.

LFIB said the identified land would be used for oil palm and/or rubber cultivation. It said the proposed acquisition would allow LFIB group the opportunity to tap into a new core business and also to diversify its earnings stream by investing in the land for rubber and/or oil palm.

"The exercise is expected to be completed by the second half of this year and it will be funded by internally-generated funds," it said.

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