Priceworth to buy Sabah timber firm, list unit in Singapore
PETALING JAYA: Priceworth International Bhd is acquiring the entire stake in Rumpun Capaian Sdn Bhd for RM260 million to put the group in a significantly more profitable financial position.
Priceworth is also looking to float wholly owned subsidiary GSR Pte Ltd on the Singapore exchange as part of the funding exercise for the acquisition.
In a filing with Bursa Malaysia, Priceworth said the acquisition will enable it to access a significant 100-year concession of 101,161ha of forest management unit in Trus Madi, Sabah, known as FMU5 with timber-harvesting and replanting rights.
Concurrently, Priceworth’s wholly owned subsidiary Sinora Sdn Bhd has also entered into a log extraction and timber sale agreement with Rumpun’s 99.99%-owned subsidiary Anika
Tan (centre) with Vmart Million Club achievers at the awards dinner in Langkawi on Tuesday.