PETALING JAYA: Fraser & Neave Holdings Bhd (F&N) is planning to buy an oil palm plantation and 2,726.48 hectares of land located in Gemas, Negri Sembilan, for RM215.59mil.

       In a filing with Bursa Malaysia yesterday, the beverage company said the acquisition is for the company to embark on the upstream fresh milk business for downstream production and distribution of fresh milk.

       F&N said its 65%-owned subsidiary Dagang Sejahtera Sdn Bhd has entered into a conditional share sale agreement with Dupont & Leosk Enterprises Sdn Bhd and Malaysia Nominees (Tempatan) Sdn Bhd to acquire the entire equity stake in Ladang Permai Damai.

       Ladang Permai Damai is principally engaged in the cultivation of oil palm, processing of fresh fruit bunches and marketing of crude palm oil and palm kernel.

       “The main underlying assets of Ladang Permai Damai are eight parcels of agricultural leasehold land measuring in aggregate 2,726.48 hectares located in Gemas.”