KUALA LUMPUR: TSH Resources Bhd's 90 per cent owned subsidiary, PT Bulungan Citra Persada (BCAP) is disposing of seven pieces of agricultural land in Kalimantan, Indonesia for RM678.97 million cash.

       In a filing with Bursa Malaysia today, TSH said BCAP has signed a heads of agreement (HOA) with PT Kawasan Industri Kalimantan Indonesia (KIKI) and PT Kalimantan Industrial Park Indonesia (KIPI) for the proposed disposal.

       TSH said.BCAP has also proposed to dispose of uncertified land worth RM51,379 per hectare to be fully paid in cash.

       "Upon the execution of the HOA, the parties agree and undertake to negotiate exclusively with each other for the proposed disposal for two months following the date of the agreement.

       "The rationale of the HOA is to pave the way for further discussions and exclusive negotiations between the parties prior to signing any definitive agreement," it said. - Bernama