22 Aug, 2017
Syahirah Syed Jaafar (theedgemarkets.com)
KUALA LUMPUR (Aug 22): Far East Holdings Bhd is buying a 3,204 acre plot of land from PHG Plantation Sdn Bhd for a total price of RM110.57 million.In its local bourse filing today, the group said it has entered into a sale and purchase agreement with the PHG Plantation yesterday, to buy the land located in Rompin, Pahang., through increased plantation acreage at a reasonable cost and at a strategic location.
“The proposed acquisition demonstrates the board's initiative in pursuing continued growth and sustainability of the business. The board firmly believes that the proposed acquisition will expand the group's development activities and is expected to contribute positively to Far East’s future prospects and earnings,” the filing said.
The proposed acquisition is not expected to have any material impact on the consolidated earnings of Far East for financial year ending Dec 31, 2017 (FY17).
Far East last traded yesterday at RM8.90, for a market capitalisation of RM1.26 billion.