KUALA LUMPUR (May 31): Sarawak Oil Palms Bhd's wholly-owned subsidiary SOP Properties Sdn Bhd is acquiring 9.33 hectares of land in Kuching, as part of its plan to build up land bank for future property development.

The company on Thursday said its unit had entered into a sales and purchase agreement with Kion Tai Construction Sdn Bhd on Wednesday for the purchase of agricultural land for RM9.68 million. it said that the 9.33 hectares agriculture land located in Kuching had a 99 years lease, with its tenure expiring on Dec 31, 2038.

"The acquisition will be funded through SOP's internally-generated funds," it said.

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