KUALA LUMPUR, July 5 — NPC Resources Bhd has received an offer from IOI Corporation Bhd (IOI Corp) to buy oil palm agriculture land in Sabah for RM281.22 million.

In a filing with Bursa Malaysia today, NPC, a Sabah-based oil palm plantations company, said it had accepted a non-binding offer from IOI Corp today.

NPC said IOI Corp had proposed to acquire 3,746 hectares of oil palm planted areas in Labuk and Sugut, Kinabatangan, and Beluran, held by subsidiaries of NPC, for RM226.58 million.

The proposal also includes the acquisition of a parcel of land measuring 881.35 hectares of oil palm planted area in Labuk and Sugut, in which a subsidiary of NPC — Berkat Setia Sdn Bhd —holds development rights.

It said the proposed acquisition for lands in Labuk and Sugut, Kinabatangan, and Beluran is expected to be finalised by August 30, 2021, while the parcel of land in Labuk and Sugut is by September 30, 2021. — Bernama