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IOI Corp buys controlling stake in new plantations

Mon Mar 17, 2008 9:00pm EDT

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KUALA LUMPUR, March 18 (Reuters) - Malaysia's second-largest listed palm planter, IOI Corp (IOIB.KL), has bought controlling stakes in several plantation firms in eastern Sarawak state for 439.9 million ringgit ($138 million), IOI said on Tuesday.

The targeted firms have a combined plantation estate of 44,350 hectares (109,600 acres), of which 13,500 hecatres are planted with oil palm already, the company said.

"The proposed acquisition will therefore increase the group's plantation holding to 213,800 hectares in Malaysia and to 365,800 hecatres overall," IOI said in a statement. (Reporting by Mark Bendeich, editing by Saeed Azhar)



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