Perak Corporation Berhad through Casuarina Meru Sdn Bhd, an 89.54% subsidiary of PCB Taipan Sdn Bhd has entered into disposal of a land it acquired in 2006 for RM1.6 million at RM4 million.
The state-owned agency has agreed to sell the 99 year leasehold land measuring approximately 100 acres to LLSB for a total
cash consideration of RM4,051,080.
Casuarina (CMSB) acquired the Land on 5 July 2006 at the cost of RM1,600,000/-. The net book value of the Land in the books of CMSB based on the latest audited financial statements as at 31 December 2022 is RM1,600,000/-. It had paid a sum of RM1,393,090 as partial payment to PKNPk with a balance of RM206,910/- remaining due to PKNPk. PKNPk, the holding corporation of Perak Corp, is the registered proprietor of the Land while CMSB is the beneficial owner of the Land.
LLSB on the other hand is a private company with its principal activity being of oil palm and rubber plantation. It has a total issued and paid-up share capital of RM9,340,025.00 comprising 9,340,025 ordinary shares. LLSB is a wholly owned subsidiary of Perak Agro Oil Palm Sdn Bhd, which in turn is an indirect wholly owned subsidiary of the State Agriculture Development Corporation.
