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Hot Stock SOP shares retreats after JV terminated

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Hot Stock SOP shares retreats after JV terminated Empty Hot Stock SOP shares retreats after JV terminated

Post by Cals Fri 01 Aug 2014, 02:09

Hot Stock SOP shares retreats after JV terminated
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com   
Thursday, 31 July 2014 15:56

KUALA LUMPUR (July 31): Sarawak Oil Palms Bhd (SOP) fell 2.93% or 20 sen to RM6.63 today, after its expansion on plantation land hit snag in Sarawak. 

The company yesterday announced that it had cancelled its joint venture agreement with Pelita Holdings Sdn Bhd. 

At the start of the afternoon trading session, SOP was among the top decliners on Bursa Malaysia. 

Yesterday, SOP said it was rescinding its joint venture with Pelita Holdings, on developing a plot of native customary rights land measuring 1,645 hectares in Miri into an oil palm plantation. 

The parties were unable to create sufficient land bank, even after many months of negotiations. 

Pelita Holdings is one of the major shareholders of SOP, with a 20.44% stake.
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