KUALA LUMPUR: LION FOREST INDUSTRIES BHD [] (LFIB) has proposed to acquire a parcel of land in Cambodia for RM11.77million as part of its plan to seek new opportunities to cultivate rubber, palm oil and other industrial crops in Southeast Asian countries.
It said on Wednesday, July 27 that its wholly owned unit Harta Impiana Sdn Bhd had identified a parcel of 9,995ha economic land concession in the Preah Vihear Province and was proposing to procure a minimum 70-year concession period from the Cambodian government to cultivate the land.
It said the land is for the purposes of cultivation and planting of oil palm and/or rubber trees.
'Following the disposal of the LFIB group's tyre operations both in Malaysia and in the People's Republic of China, the group has been studying and identifying a new core business.
'The proposal allows the LFIB group the opportunity to tap into a new core business and also to diversify its earnings stream by investing in lands for the purposes of PLANTATION [] of rubber and/or oil palm,' it said.
LFIB said the acquisition would be financed from internally generated funds.
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It said on Wednesday, July 27 that its wholly owned unit Harta Impiana Sdn Bhd had identified a parcel of 9,995ha economic land concession in the Preah Vihear Province and was proposing to procure a minimum 70-year concession period from the Cambodian government to cultivate the land.
It said the land is for the purposes of cultivation and planting of oil palm and/or rubber trees.
'Following the disposal of the LFIB group's tyre operations both in Malaysia and in the People's Republic of China, the group has been studying and identifying a new core business.
'The proposal allows the LFIB group the opportunity to tap into a new core business and also to diversify its earnings stream by investing in lands for the purposes of PLANTATION [] of rubber and/or oil palm,' it said.
LFIB said the acquisition would be financed from internally generated funds.
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