Two JVs to develop 11,000ha of plantation land in Sarawak. Ta Ann has entered into two JV Agreements with Pelita Holdings Sdn Bhd (the state owned entity under the Ministry of Rural and Land Development, Sarawak) to develop two pieces of NCR land in Sarawak. The land parcels are situated at Lesih Block E, Kanowit, Sibu (7,000ha) and at Naman-Nunggang, Ulu Assan, Sibu (4,000ha). Pelita will be responsible for procuring the declaration of the lands as NCR Development Area from the relevant
authorities and sorting out land matters with the NCR owners, while Ta Ann will develop and manage the projects. Ta Ann will finance the land development via internally generated funds and will have a 60% stake in the JV co, while Pelita will hold 10% and the NCR owners the remaining 30%.
Ta Ann Holdings Berhad : Enters Into JVs to Develop More Plantation Land - 17/08/2010
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