Kulim to invest in RI estates

Kulim to invest in RI estates

KUALA LUMPUR: Plantation company Kulim (Malaysia) Bhd. on Wednesday said it will invest 479 million ringgit (US$126.05) up until 2010 in its Indonesian oil palm plantations, Bernama news agency said.

Quoting Kulim Chairman Muhammad Ali Hashim, the report said 327 million ringgit will be used for crop planting, 16 million ringgit for improvement of the land, and 136 million ringgit for five palm oil mills in Sumatra.

Kulim owns 60,500 hectares of plantation land in Indonesia, of which 20 percent has been planted with oil palm.

"All the land will be developed in stages and the funding will be raised internally or through bank borrowings," Muhammad Ali said. -- Dow Jones