Business potentials in Lahad Datu attract investors

4th March, 2012

KOTA KINABALU: The massive business potentials in Lahad Datu arising from the Lahad Datu palm oil industrial cluster (POIC Lahad Datu) project continue to beckon investors.

Pengah Property Sdn Bhd, a subsidiary of Kuala Lumpur-based RENG Corporation Sdn Bhd, became the 40th investor to buy land in POIC Lahad Datu when it signed a sale and purchase agreement on Friday with POIC Sabah Sdn Bhd, the state-owned company developing POIC Lahad Datu.

Pengah purchased 6.6 acres for the development of commercial buildings while RENG Corporation, the parent company specialising in design, construction technology, property and education signed an option to purchase an additional 100 acres. RENG has been in business since 1992.

RENG’s group managing director Richard Eng and POIC Sabah’s chief executive officer Datuk Dr Pang Teck Wai signed on behalf of their respective companies.

Datuk Dr Pang Teck Wai

 The signing ceremony, held at POIC Sabah’s office at Wisma Perindustrian here, was witnessed by Datuk Raymond Tan Shu Kiah, the Sabah Minister of Industrial Development and chairman of POIC Sabah Sdn Bhd.

Datuk Raymond Tan Shu Kiah

The land sale represents growing investor confidence in the project, which started in 2005 and has so far attracted about RM4.5 billion investment, the latest being a re-gasification facility by Petronas (Malaysia’s national petroleum company) and a 300MW gas-fired power plant by Tenaga Nasional Berhad.

POIC Lahad Datu, which Prime Minister Dato Seri Najib Tun Razak visited on Feb 17, was last Tuesday (Feb 28) boosted by an announcement that the Federal government will fund the construction of a RM400 million container port at the project in anticipation of the commissioning of major oleochemical plants and the export of oleochemical products.

Read More: http://newsabahtimes.com.my/nstweb/fullstory/56677