Borneo

KUCHING: Borneo Oil Bhd plans to increase its investment to RM50.7mil in Sabah's first integrated clinker and cement plant (ILPP), which is expected to ...

There is synergy between the Borneo Oil group’s existing limestone quarrying business operations and MTSB’s clinker and cement plant,” it added. “Sabah has an annual demand of between 1.2 million and 1.4 million tonnes of cement per year. The ILPP is situated adjacent to Borneo Oil group’s limestone quarry land. Sabah can no longer afford to rely on 100% imported clinker and cement. The deal is expected to be completed by 3Q22. Borneo Oil has agreed to purchase the additional shares in MTSB from MT 23 Resources for RM31.4mil to raise its equity interest in MTSB to 19.5%.