PRICEWORTH IS GIVEN EXTENSION ON PAYMENT FOR FMU5 ACQUISITION
KOTA KINABALU, 21 MARCH 2019: PRICEWORTH International Bhd has secured a two-month extension to make the first part-payment for its acquisition of Forest Management Unit 5 (FMU5).
The sustainable forest management group will have until 21 May 2019 to make the first part payment of RM40 million for its acquisition of FMU5, a 88,920 ha forest management concession in Sabah.
Priceworth said today in an announcement to Bursa Malaysia that vendor Transkripsi Pintar Sdn Bhd granted a final extension in respect of the October 2016 sale and purchase agreement. It also said it has agreed to pay the vendor interest at 6 percent a year on the part-payment.
“We appreciate the vendor’s continuing understanding and patience, and for agreeing to the extension,” said executive director Richard Koo.
About Priceworth International Berhad:
Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah. Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.
Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.