CAMBODIA: Mega First obtains 90-year concession land to plant rubber

The land, measuring 9,477 hectares situated in the Namlear Wildlife Sanctuary Zone, Mondulkiri Province, is meant for agricultural development and cultivation.

In a filing with Bursa (Kuala Lumpur Stock Exchange), Mega First said while the concession land covers an area of 9,477 hectares, the actual area for development will be determined after a final survey.

But it added that if mineral resources or national heritage are discovered, this land shall be surrendered to the government of Cambodia.

The company said no concession fees is payable for the first five years of the concession period.   The concession fees for the cleared or cropped area commences from Year 6 at the rate of US$5.00 per hectare per year and this rate will be annually increased by 1%.

"The development of the agricultural land is expected to enhance the long term net assets and earnings of the MFCB Group,” Mega First said.

Source: Daily "The Edge", Kuala Lumpur; 2 Aug 2013
(Syed Rashid Ali, Karachi, Pakistan)