Q4. LKFM announced recently that it has entered into three share sale agreements to acquire the entire equity interest in three companies (ASV Jaya Resources Sdn Bhd, SAM Jaya Plantation Sdn Bhd and Hijau Ria Solution Sdn Bhd), whose principal activities are logging and trading in timber logs, for a cash consideration of RM3.7 million (“Proposed Acquisition”).
It was mentioned in the announcement that the Proposed Acquisition would give LKFM the rights of use for over 1,744.5 acres land from the Kelantan State for the purpose of plantation. What are the Company’s plan for this land?
The proposed land acquisition is part of the company’s plan to venture into forest plantation industry to meet the increasing demand for wood-based upstream products in local and international market. Further development will be announced to bursa securities, if required.
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