Sarawak Oil Palm terminates RPT deal

PETALING JAYA: Sarawak Oil Palms Bhd (SOPB) has aborted a RM134.9 million related party deal to acquire a 60% stake in DD Pelita Sebungan Plantation Sdn Bhd and Mutiara Pelita Genaan Plantation Sdn Bhd from Double Dynasty Sdn Bhd (DDSB) and Mutiara Hartabumi Sdn Bhd (MHSB) after DDSB and MHSB failed to secure consent from the Ministry of Land Development for the sale and transfer of their sale shares.
SOPB's proposed properties' acquisition of a 34.9ha land located at Bintulu, Sarawak, for RM4.3 million cash has also been aborted as a result, as it was conditional on the deal with DD Pelita and Mutiara Pelita going through.
"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) and that the vendors are giving notice to rescind the share sale agreement," SOPB said in a filing with Bursa Malaysia yesterday.
"SOPB is currently contemplating its next course of action, which would include, amongst others, the recovery of the deposit and the cessation of SOPB's representative as a director in DD Pelita and Mutiara Pelita," SOPB said.