PETALING JAYA: United Malacca Bhd

(UMB), via its subsidiary Vintage Plantations Sdn Bhd, plans to acquire a 17% stake in PT Lifere Agro Kapuas (LAK) from PT BANK OCBC NISP TBK.

In a filing with Bursa Malaysia yesterday, UMB said it would be done via an acquisition of 106,340 shares in International Natural Resources Pte Ltd (INR) and 52,000 shares in LAK.

UMB said upon completion, it shall hold 100% of the total shares in INR and Vintage shall hold 5.9% direct stake in LAK.

It added the proposed transaction is in line with its long term strategy to focus on its financial resources in further expanding its plantation operations, both domestically and regionally.

“With 100% control of the subsidiaries, the company believes it could lead to cost savings through streamlining companies’ operations and improved resources allocation,” UMB said.