PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION

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PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION

 

KOTA KINABALU, 21 FEB 2019: PRICEWORTH International Bhd has obtained an extension to 21 April 2019 to make the first part-payment of RM40 million for its acquisition of Forest Management Unit 5 (FMU5).

 

The sustainable forest management group today signed a supplemental letter to extend the date with vendor Transkripsi Pintar Sdn Bhd in respect of the October 2016 sale and purchase agreement to buy FMU5, a 88,920 ha forest management concession in Sabah.

 

“We appreciate the vendor’s understanding and patience, and for extending the deadline. We are also hopeful that the authorities will give their approval to resume operations soon,” said executive director Richard Koo.

 

Priceworth is acquiring FMU5 through its Singapore subsidiary GSR Pte Ltd, which will also be acquiring sister company Sinora Sdn Bhd, Priceworth’s plywood manufacturing arm. Priceworth also plans to list GSR on the Singapore Exchange (SGX).

 

For more details, please refer to the company’s announcement to Bursa Malaysia at http://www.bursamalaysia.com/market/listed-companies/company-announcements/

 

-ENDS-

 

About Priceworth International Berhad:

 

Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah.  Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.

 

Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.

 

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