Boustead Plantations Berhad (BPB) has today completed its disposal of Kulai Young Estate, consisting of five parcels of land totalling 664 hectares to SIPP Power Sdn. Bhd. (SIPP), an exercise that is part of BPB assets rebalancing strategy.
An exchange of documents between the two parties was held today, with our Chief Financial Officer Mohamad Mahazir Mustafa representing BPB and Lawrence Hee Kang Yow, Project Director representing SIPP. Also present were BPB’s Head of Legal Ahmad Azhar Shah Ibrahim, Head of Strategy and Corporate Development Khairudin Ibrahim and Diana Ong Yu-Mei, SIPP’s Legal Associate.
Attending together were representative lawyers from both parties, Azmi & Associates and Rahmat Lim & Partners.
As part of the arrangement, BPB being the estate management agent will continue to manage the estate for a period up to five years.
BPB remain committed in its aspiration of becoming a sustainable technology-based plantations company while steadfastly upholding the principles of Environmental, Social and Governance (ESG) throughout its operations.