LONDON (Thomson Financial) - MP Evans Group PLC said it has sold its 828.6 hectares Sungei Kru
it Estate, which is located north of Kuala Lumpur, Malaysia, for 10.25 mln stg in cash, taking the total value of funds it has raised to 38 mln stg.
The producer of Indonesian palm oil and Australian beef cattle said the sale is subject to approval from the Foreign Investment Committee and Estate Land Board of Malaysia.
It expects to get clearances within about nine months and complete the deal within a further three months.
'We have now sold more than half of our Malaysian portfolio, in value terms, which means that we are very well placed for our substantial Indonesian palm-oil expansion,' joint managing director Peter Hadsley-Chaplin said in a statement.
COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.