PETALING JAYA - Sarawak Oil Palms Bhd (SOPB) has aborted the deal to acquire 60% stake in DD Pelita Sebungan Plantation Sdn Bhd and Mutiara Pelita Genaan Plantation Sdn Bhd from Double Dinasty Sdn Bhd and Mutiara Hartabumi Sdn Bhd (MHSB) as RM 134.9 million amount values.
This caused by after DDSB and MHSB failed to secure consent from the Ministry of Land Development for the sale and transfer of their sale shares.
Consequently, SOPB’s proposed properties’ acquisition of a 34.9 ha land located at Bintulu, Sarawak, for RM4.3 million cash has also been aborted.
“The vendors are unable to obtain the consent from the Ministry of Land Development for the sale and transfer of their sale shares, which is one of the conditions precedent in the share sale agreement (SSA) ,” SOPB said, as cited by The Sun Daily, on Thursday (18/12/2014). (T4)
