No tak­ers yet for Ke­lan­tan plan­ta­tion

> Val­u­a­tion of 11,000-acre as­set has gone up 4.5% to RM232.8m since as­sess­ment in June 2017


PETALING JAYA: Golden Palm Grow­ers Bhd, which wants to pre­ma­turely ter­mi­nate its oil palm farm-shar­ing in­vest­ment scheme, is still on the look­out for suit­able buy­ers for its plan­ta­tion in Ke­lan­tan.

The scheme, which was launched in 2010 and sup­posed to run for 23 years, was in op­er­a­tion for seven years be­fore the man­age­ment called in­vestors to a meet­ing in Oc­to­ber last year to de­ter­mine its fu­ture. In­vestors then gave the com­pany a 12-month dead­line to sell the as­set.

An in­vestor told Sun­Biz Golden Palm Grow­ers stated, in a let­ter he re­ceived in Jan­uary, that the plan­ta­tion has been ac­tively pro­moted to both lo­cal and over­seas par­ties. It has ap­pointed a lo­cal es­tate agency to pro­mote the sale of the plan­ta­tion lo­cally.

The in­vestor said the scheme’s man­age­ment com­pany, in the let­ter, tagged the val­u­a­tion of its 11,000-acre plan­ta­tion in Gua Mu­sang, Ke­lan­tan, at RM232.8 mil­lion, an in­crease of RM10.8 mil­lion from the val­u­a­tion that was ob­tained in June 2017.

He said the man­age­ment com­pany also claimed that the fresh fruit bunch yield has been en­cour­ag­ing, de­mon­strat­ing pos­i­tive growth over the pre­vi­ous year, and is in line with pro­jec­tions.

Golden Palm Grow­ers did not re­spond to queries at press time.

At the meet­ing on Oct 2 last year, 98% of the in­vestors voted to give the man­age­ment a 12-month grace pe­riod to find a suit­able buyer to get an “op­ti­mal re­al­i­sa­tion” for the plan­ta­tion. The other op­tion was an im­me­di­ate sale of the plan­ta­tion, which could re­sult in a lower sale price.

Golden Palm Grow­ers ex­ec­u­tive chair­man Datuk CRS Para­gash pre­vi­ously said the com­pany will not be tak­ing any­thing from the fi­nal net sale pro­ceeds un­til it has re­turned 100% of cap­i­tal to in­vestors as well as the pay­ment of the 2017 net yield. The man­age­ment holds a 40% in­ter­est in the scheme.

The com­pany also said that its ac­tion com­mit­tee will be au­tho­rised to ap­prove all pro­pos­als for the plan­ta­tion that al­low in­vestors to get back 100% of their ini­tial in­vest­ment, while pro­pos­als that will re­turn less than 100% will be open to in­vestors’ re­view and vote.

In its let­ter, the man­age­ment no­ti­fied in­vestors that the pro­pos­als are at var­i­ous stages of de­vel­op­ment and are ex­pected to grad­u­ally progress over the com­ing weeks.

The scheme is the sec­ond oil palm grow­ers scheme to be wound up in four years. The first was Coun­try Heights Grow­ers’ scheme, which went bust in 2013 af­ter its launch in 2007.

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