Malaysian agro-food company QL Resources Bhd is planning to acquire five plots of land from four parties related to its major shareholders for 48.7 million Malaysian ringgit ($11.6 million).
QL Resources is acquiring the land parcels to extend its farming and food processing businesses.
The lands parcels, measuring 41.401 acres in total, are situated in Sabah, Selangor and Perak. The acquisitions were transacted via the company's subsidiaries.
QL Resources said that the deals, to be financed by internal funds and or borrowings, are expected to be concluded within six months.