Sales and Purchase Agreement between Lembaga Amanah Kebajikan Masjid Negeri Sarawak
And
Sarawak Plantation Agriculture Development Sdn Bhd

Wednesday 28 November 2007
 
 

ACQUISITION OF 4 PARCELS OF PLANTATION LAND TO INCREASE THE LAND BANK OF SARAWAK PLANTATION BERHAD

Kuching – The Board of Directors of Sarawak Plantation Berhad (SPB) wishes to announce that its wholly owned subsidiary, Sarawak Plantation Agriculture Development Sdn Bhd (SPAD) has entered into 3 conditional Sale and Purchase Agreements (SPA) with Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) on 28 November 2007 to purchase 4 parcels of plantation land measuring 7,620 hectares for a total consideration of RM19,050,000.00.

The details of the 4 parcels of plantation land are as follows:
 

  
  (a) Lot 6 Bawan Land District measuring approximately 4,000 hectares and situated at Balingian Forest and Bawan Forest Mukah Sarawak. The tenure of Lot 6 is for 60 years effective from 7 March 2007.
 		  
  (b) Lot 19 Mukah Land District measuring approximately1,850 hectares and situated at Balingian Forest and Bawan Forest Mukah Sarawak. The tenure of Lot 19 is for 60 years effective from 7 March 2007.
 		  
  (c) Lot 4 Bawan Land District measuring approximately 380 hectares and situated at Batang Balingian Sarawak. The tenure of Lot 4 is for 60 years effective from 7 March 2007; and
 		  
  (d) Lot 5 Bawan Land District measuring approximately1,390 hectares and situated at Batang Balingian Sarawak. The tenure of Lot 5 is for 60 years effective from 11 December 2006.  
 


Rationale for the acquisition

The acquisition is line with SPB Group’s future plan to ensure growth and to position itself as a main player in the oil palm business. The land shall be used for the development and cultivation of oil palm and will contribute to the earnings of SPB Group in the future years. The acquisition would also increase SPB Group’s plantation hectarage.

In addition, the 4 parcels of plantation land acquired is located approximately 17-30 km from SPB Group’s existing Mukah Palm Oil Mill 13km off KM85 Sibu/Bintulu Road. Once the plantation comes into operation in future years, it will increase the mill’s utilization rate.

SPB will also contribute RM275,000.00 to LAKMNS at the function as part of its ongoing corporate social responsibility.

  
  Joint Venture Agreement Between Sarawak Plantation Berhad
And
Pelita Holdings Sdn Bhd in respect of Wak Pakan

Wednesday 28 November 2007
 		  
 

Kuching – The Board of Directors of Sarawak Plantation Berhad (SPB) wishes to announce that it has entered into a Joint Venture Agreement (JVA) with Pelita Holdings Sdn Bhd (PELITA) on 28 November 2007. Pursuant to this JVA, SPB and PELITA will incorporate a joint venture company named SPB Pelita Wak Pakan Plantation Sdn Bhd (the JVC).

The purpose of this joint venture is to develop the lands of the native held under Native Customary Rights into oil palm plantations.

These are parcels of land known as Wak Pakan Sarikei Sarawak containing a gross area of approximately 5,340 hectares. The plantable area of the said land is estimated at 3,204 hectares.
 

  
 

This joint venture is in line with SPB Group’s future plans to ensure growth and to position itself as a main player in the oil palm business. It is one of SPB Group’s strategies to increase its plantation hectarage through participation in NCR land development on a joint venture basis.

  
 


Joint Venture Agreement Between Sarawak Plantation Berhad
And
Pelita Holdings Sdn Bhd in respect of Mukah 5 & 6

Wednesday 28 November 2007
 

  
 

Kuching – The Board of Directors of Sarawak Plantation Berhad (SPB) wishes to announce that it has entered into a Joint Venture Agreement (JVA) with Pelita Holdings Sdn Bhd (PELITA) on 28 November 2007. Pursuant to this JVA, SPB and PELITA will incorporate a joint venture company named SPB Pelita Mukah 5 & 6 Plantation Sdn Bhd (the JVC).

The purpose of this joint venture is to develop the lands of the native held under Native Customary Rights into oil palm plantations.

These are parcels of land known as Mukah 5 & 6 Mukah Division Sarawak containing a gross area of approximately 5,446 hectares. The plantable area of the said land is estimated at 3,268 hectares.
 

  
 

This joint venture is in line with SPB Group’s future plans to ensure growth and to position itself as a main player in the oil palm business. It is one of SPB Group’s strategies to increase its plantation hectarage through participation in NCR land development on a joint venture basis.

In addition the said land is located approximately 16-24 km from SPB Group’s existing Mukah Palm Oil Mill located 13km off KM85 Sibu/Bintulu Road. Once the plantation comes into operation in the future years, it will increase the mill’s utilization rate.

SPB was listed recently on 28 August 2007 on the Main Board of Bursa Malaysia.

  
   

 

    

Copyright © 2006 Sarawak Plantation Berhad. All rights reserved.