Harneys acts as BVI counsel in landmark United Malacca Berhad venture

Harneys acted as BVI counsel in the acquisition of 83 per cent effective equity interest in PT Lifere Agro Kapuas by United Malacca Berhad, which marks the UMB group's first venture overseas outside of Malaysia and also effectively doubles the total plantation landbank under the UMB group.
 
United Malacca Berhad, a 106 year old plantation oil company listed on the Main Board of Bursa Malaysia Securities Berhad, acquired 88.2 per cent equity interest of the issued and paid-up share capital of International Natural Resources Pte Ltd, which in turn holds approximately 94.1 per cent equity interest in PT Lifere Agro Kapuas, from Lincoln Wilshire Investments Ltd for a total cash consideration of US$66,400,000 or approximately RM285,022,000.
 
The acquired land consists of 24,585 hectares of oil palm plantation estates known as Belida Estate, Haruan Estate, Biawan Estate, Arwana Estate and Seluang Estate in Kuala Kapuas, Kapuas Regency, Central Kalimantan Province in the Republic of Indonesia.
 
Harneys Partner Lisa Pearce and Senior Associate Zitian Ng, who are based in the firm’s Singapore office, were involved.