KUCHING: Rimbunan Sawit Bhd has successfully completed the sale of five million shares, or 6.25 per cent, in Borneo Edible Oils Sdn Bhd to Tiong Toh Siong Holdings Sdn Bhd (TTSH) for RM2.41 million.
Upon the full payment of the disposal sum, Rimbunan Sawit has transferred the sale shares to TTSH, and accordingly, the proposed disposal was completed on December 31, 2024, said the oil palm company.
Rimbunan Sawit said it was expected to incur an estimated loss of RM2.59 million from the disposal.
The company intends to utilise the proceeds from the disposal for the working capital of the group’s oil palm estates within 12 months.
Meanwhile, Sarawak Cable Bhd, a PN17 company, said it is still in the process of formulating the regularisation plan to address its financial woes.
Bursa Malaysia Securities Bhd, on October 18, 2024, granted the company a further extension of six months, until March 31, 2025, to submit its regularisation plan to the relevant regulatory authorities for approval.
