Malaysian planter Kulim Berhad (KULM.KL) has sold its oleochemical plant to a unit of Singaporean agribusiness firm Wilmar (WLIL.SI) for 450 million ringgit ($192 million).

PGEO Sdn. Bhd., Wilmar’s Malaysian unit, will settle the purchase in cash and take over Kulim’s over 90% stake in the oleochemical firm NatOleo that controls and operates the plant, Kulim told the stock exchange on Wednesday.

“The proposed disposal allows Kulim to focus more attention on its more profitable businesses (like) oil palm plantation operations and quick service restaurants,” Kulim said in a statement.

Kulim owns several estates in Malaysia’s southern state of Johor and has a stake in fast food operator KFC Holdings (Malaysia) (KFCK.KL).

Kulim said the oleochemical company had incurred a net loss of 22.9 million ringgit for financial year ended Dec 2009 on the back of 1.1 billion ringgit in revenues.

Kulim initially invested 194 million ringgit to acquire the NatOleo stake in 1994.

An industry source told Reuters in April that Malaysia’s Sime Darby (SIME.KL) and Indonesia’s Sinar Mas Group had made offers to buy Nat Oleo.