Muar Ban Lee Group Bhd (MBL) is disposing of plantation development rights over approximately 789 hectares of land in Tanah Merah, Kelantan, for RM16 million as part of efforts to unlock value from the asset and strengthen the group’s financial position.
MBL said its indirect wholly-owned subsidiary, Sokor Gemilang Ladang Sdn Bhd, entered into a sale and purchase agreement with Maluri Avenue One Sdn Bhd where it will sell, assign, novate and transfer all of its rights, interests, benefits, title, obligations and liabilities relating to the plantation rights to the purchaser.
The plantation rights arise from a Plantation Land Development Agreement dated Aug 27, 2006 between Perbadanan Pembangunan Ladang Rakyat Negeri Kelantan and Sokor Gemilang Ladang.
The rights relate to plantation development over approximately 789 hectares of land in Mukim Sokor, Jajahan Tanah Merah.
MBL said the disposal is subject to the relevant approvals and consents stipulated under the agreement.
