Kim Loong Resources Bhd ... Mar 09

Mid-sized plantation company Kim Loong Resources Bhd plans to double its oil palm cultivation acreage in the next one or two years. The company would then have almost 26,000ha of oil palm estates from close to 13,000ha now.

They are looking for ‘green land’ in Johor and Sabah, referring to land not yet planted with oil palm. Apart from Kota Tinggi in Johor and Keningau, Sabah, the company would also be looking at Sarawak as the state still had vast tracks of land for oil palm cultivation.

Shareholders approved the company’s proposed share buyback of up to 10% of its issued and paid-up share capital.