KUB Malaysia to double plantation land acreage

KUALA LUMPUR: KUB Malaysia Bhd, which announced the disposal of two subsidiaries yesterday, is looking to double the size of its plantation assets.
President and group managing director Datuk Abdul Rahim Mohd Zin said it is looking to acquire brownfield plantation land in Indonesia or Malaysia.
Speaking to reporters at a briefing today, Abdul Rahim said it is looking to acquire about 7,000ha and expects to spend some RM200 million to RM300 million for the acquisition.
The group currently has some 7,000ha in Malaysia, valued at RM300 million to RM400 million.
Abdul Rahim said its expansion plans are part of its strategy to strengthen its core sectors.
"We are actively reviewing several businesses as (acquisition) targets...to strengthen our core areas such as the areas of power, plantation and oil and gas related businesses as well. But it is still very preliminary," he said.