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Southern Acids to sell land to finance Indonesia expansion.
Byline: Ooi Tee Ching
SOUTHERN Acids (M) Bhd is looking at selling a 261ha land near Kota Kemuning in Shah Alam, Selangor, to finance its oil palm landbank expansion in Indonesia.
"We are looking to unlock the value of this freehold land. Negotiations have started and we are not short of suitors," chairman Tan Sri Low Boon Eng told reporters after its shareholders' meeting in Petaling Jaya, Selangor, yesterday.
Low added that the company is not in a hurry to conclude the land sale.
After all, it has cash reserves of more than RM70 million and plans to increase its landbank in Indonesia.
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