Rimbunan Sawit plans RM18.39 million plantation sale to Sarawak trust
The buyer is chaired by Sarawak Premier Tan Sri Abang Johari Tun Openg, with completion expected in the first half of 2027.
Rimbunan Sawit Bhd plans to dispose of 613 hectares of Sarawak oil palm land for a cash consideration of RM18.39 million. Its subsidiary RH Plantation Sdn Bhd has signed an agreement with the buyer, Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS), according to a Bursa Malaysia filing.
LAKMNS is an Islamic charitable trust chaired by Sarawak Premier Tan Sri Abang Johari Tun Openg. It supports Muslim community needs in religion, education and welfare.
The property lies along Sungai Bok in Bakong, Baram. The agreed price of RM30,000 per hectare represents a premium of about 2.17% to the RM18 million valuation by Henry Butcher Malaysia (Miri) Sdn Bhd on Sept 15.
Rimbunan Sawit said the transaction would release cash for working capital while reshaping its plantation portfolio. It also expects to lower future spending on managing and developing the property, allowing resources to be directed towards its other estates and mills.
Payment terms require LAKMNS to provide RM1.84 million as a 10% deposit on signing. The RM16.55 million balance falls due within three months of the agreement becoming unconditional.
The parcel's audited net book value stood at RM1.13 million on Dec 31, 2025. Oil palms between two and four years old occupy about 446.79 hectares, and the 60-year lease runs until Dec 29, 2059.
The company expects completion during the first half of 2027, pending regulatory approval. No shareholder approval is needed. Rimbunan Sawit said its directors and major shareholders, as well as people connected to them, have no interest in the deal.
