Oil palm planter Tanah Emas Corp Bhd (Tanamas) is buying 6,070ha in Kemaman, Terengganu, for RM23.5 million, to be satisfied by RM5.5 million cash and 18,000,000 new Tanamas shares.

In its filing to the stock exchange yesterday, Tanamas said it was buying 51 per cent stake in Fabulous Plantations Sdn Bhd from Datuk Haji Mohd Mukhtar bin Ismail, Datuk Chee Hong Leong, Lai Kam Beng and and Lembah Juita Sdn Bhd.

The land is surrounded by oil palm estates and independent valuer KGV-Lambert Smith Hampton, in July, estimated the land to be worth RM87 million.

Tanamas also has an option with the individual vendors, the remaining 49 per cent or 245,000 shares in Fabulous Plantations.

Source : Business Times