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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 5 February 2021.

 

On behalf of the Board of RSB, Maybank IB wishes to announce that R H Lundu had received the approval from the Land and Survey Department Sarawak, Kuching in relation to R H Lundu’s application for consent to transfer Lot 306 Block 4 Stungkor Land District by R H Lundu to RSB Lundu via the letter dated 6 May 2021 (which was conveyed to RSB on 17 May 2021) (“Director’s Consent”).  

 

RSB had also obtained confirmation from the Application for Permission to Deal Section of the Land and Survey Department Sarawak, Kuching that the Director’s Consent is given by the Director of Lands and Surveys Sarawak, and therefore there will not be any other separate approval to be issued by the Superintendent of Land and Survey (“Superintendent’s Consent”) for the transfer of the Lundu Land to and in favour of RSB Lundu in accordance with Section 31 of the Sarawak Land Code.

 

The Director’s Consent and the Superintendent’s Consent are the remaining two Conditions Subsequent set out in the Supplemental SPA for the Proposed Lundu Acquisition. Accordingly, RSB Lundu shall now have 2 months from 17 May 2021 to pay the Final Balance Sum to R H Lundu to fully complete the Proposed Lundu Acquisition.     

 

For avoidance of doubt, Lot 306 Block 4 Stungkor Land District is the title issued to the Lundu Land which was part of the Parent Lot 248 stated in the Company’s circular dated 10 July 2017 in relation to the Proposed Lundu Acquisition.

 

This Announcement is dated 18 May 2021.






Announcement Info

Company Name RIMBUNAN SAWIT BERHAD
Stock Name RSAWIT
Date Announced 18 May 2021
Category General Announcement for PLC
Reference Number GA1-18052021-00086




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