Rimbunan Sawit proposes sale of Sarawak plantation land to LAKMNS for RM18.39m
Rimbunan Sawit Bhd has proposed selling 613 hectares (1,515 acres) of oil palm plantation land in Baram, Sarawak, to Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) for RM18.39 million cash. The land, held under a 60-year lease expiring in 2059, is valued at RM18 million by an independent va
PETALING JAYA (Nov 13): Rimbunan Sawit Bhd has proposed selling about 613 hectares (1,515 acres) of oil palm plantation land in Baram, Sarawak, to Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) for RM18.39 million cash. In a Bursa Malaysia filing on Thursday (Nov 12), the group said its wholly-owned subsidiary R.H. Plantation Sdn Bhd had signed a sale and purchase agreement with LAKMNS that day.
The land, identified as Lot 4 Block 1 Dulit Land District, is situated along Sungai Bok, Bakong, in Sarawak’s Miri division. It is held under a 60-year lease expiring on Dec 29, 2059. Of the total area, 446.79 hectares (about 1,104 acres) are planted with oil palms aged between two and four years. The filing lists both the land’s existing and future use as oil palm plantation.
The price works out to RM30,000 per hectare (about RM12,141 per acre), based on the stated area, and is about 2.2 per cent above the RM18 million market value assessed by independent valuer Henry Butcher Malaysia (Miri) Sdn Bhd on Sept 15, 2026, using the comparison method. Rimbunan Sawit said the price was negotiated on a willing-buyer, willing-seller basis, taking into account the land’s area, location, remaining lease tenure and the rationale for the disposal.
The group said the proposed sale would streamline its plantation land portfolio and realise the value of its investment. It would also reduce future management and development expenditure associated with the land, allowing resources to be focused on its remaining estates and mills. The proceeds are intended for working capital, including expenses related to the disposal.
Under the agreement, a 10 per cent deposit of RM1.839 million is payable upon signing. The remaining RM16.551 million is payable to the seller’s solicitors as stakeholder within three months after all conditions precedent are fulfilled. The balance will be released to the seller, less apportioned lawful outgoings, upon registration of the land transfer.
The proposed disposal requires written consent from Sarawak’s Director of Lands and Surveys and the Superintendent of Land and Survey. Shareholder approval is not required. Subject to the necessary approvals and barring unforeseen circumstances, the group expects completion in the first half of 2027.
The filing describes LAKMNS as an Islamic charitable trust supporting the religious, educational and welfare needs of Sarawak’s Muslim community.
