Matang tenders for land, mill in Raub

PETALING JAYA: Matang Bhd’s has tendered for two parcels of leasehold oil palm land and a 60-tonne/hour palm oil mill in Raub, Pahang from Raub Mining & Development Company Sdn Bhd and Raub Oil Mill Sdn Bhd.

The two lands measuring 4219.79 acres and the mill are located in Mukim Gali, Raub, Pahang.

The results for the tender which was submitted on April 19 will be known by July 19.

“The acquisition of the land and oil mill is in line with the company’s plan to expand its oil palm operations which is expected to contribute positively to both the future revenue and profits of the Company,” its board of directors said in a filing with Bursa Malaysia.

Should the bid be successful, Matang’s board of directors said, it will be funded through bank borrowings and fund raising exercises.

The MCA-linked company was listed on Bursa Malaysia’s ACE Market on Jan 17, and successfully raised an Initial Public Offer of RM 16.9 million. Its share price closed unchanged at 13 sen.