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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS RIMBUNAN SAWIT BERHAD ("RSB" OR "COMPANY") PROPOSED ACQUISITION OF A PARCEL OF 67.5 HECTARES LAND (WHICH CURRENTLY FORMS PART OF PARENT LOT 248 BLOCK 4 STUNGKOR LAND DISTRICT, LUNDU, KUCHING DIVISION, SARAWAK) TOGETHER WITH A PALM OIL MILL (INCLUDING WORKERS QUARTERS) ERECTED THEREON AND PLANTATION ASSETS BY RSB LUNDU PALM OIL MILL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF RSB, FROM R H LUNDU PALM OIL MILL SDN BHD, FOR A TOTAL CASH CONSIDERATION OF RM33.7 MILLION ("PROPOSED LUNDU ACQUISITION")

RIMBUNAN SAWIT BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
RIMBUNAN SAWIT BERHAD ("RSB" OR "COMPANY")

PROPOSED ACQUISITION OF A PARCEL OF 67.5 HECTARES LAND (WHICH CURRENTLY FORMS PART OF PARENT LOT 248 BLOCK 4 STUNGKOR LAND DISTRICT, LUNDU, KUCHING DIVISION, SARAWAK) TOGETHER WITH A PALM OIL MILL (INCLUDING WORKERS QUARTERS) ERECTED THEREON AND PLANTATION ASSETS BY RSB LUNDU PALM OIL MILL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF RSB, FROM R H LUNDU PALM OIL MILL SDN BHD, FOR A TOTAL CASH CONSIDERATION OF RM33.7 MILLION ("PROPOSED LUNDU ACQUISITION")

(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those used in the Company’s circular dated 10 July 2017 as well as the announcement dated 21 December 2018 in relation to the Proposed Lundu Acquisition)

 

We refer to the announcements made in relation to the Proposed Lundu Acquisition, the latest of which was on 18 August 2020.

 

On behalf of the Board of RSB, Maybank IB wishes to announce that R H Lundu had received the title to the Lundu Land (“Subdivided Title”) with a term lease of 60 years from 30 January 2004, being the date of registration of the provisional lease of the Parent Lot 248, the issuance of which is by the Land and Survey Kuching Division (“Subdivision”).

 

For information only, the land size set out in the Subdivided Title is 68.6 hectares, representing an increase of 1.1 hectare or approximately 1.6% as compared to the size of the Parent Lot 248 stated in the Lundu Acquisition SPA. Such increase in size is meant to include the access road to the plantation estate.

 

The Subdivision is one of the Conditions Subsequent set out in the Supplemental SPA for the Proposed Lundu Acquisition.

 

Notwithstanding the above, the Lundu Acquisition SPA is subject to two Conditions Subsequent which remain to be fulfilled by RH Lundu within 18 months from 19 August 2020 until 18 February 2022 or such other extended period as R H Lundu and RSB Lundu may mutually agree upon.

 

This Announcement is dated 5 February 2021.






Announcement Info

Company Name RIMBUNAN SAWIT BERHAD
Stock Name RSAWIT
Date Announced 05 Feb 2021
Category General Announcement for PLC
Reference Number GA1-05022021-00065




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