Thursday, August 23, 2012

FGV/Sarawak Plantations

It is eyeing a meaningful stake in Sarawak Plantation Bhd. FGV is seeking to grow its landbank and production of crude palm oil via the acquisition and is looking at buying more than the 30.39% that Abdul Hameed holds in Sarawak Plantation to grow its plantation acreage. However, the deal will require certain issues to be ironed out first such as the position of the State Financial Secretary of Sarawak Inc, the second largest shareholder in Sarawak Plantation with a 25.47% stake.
The state may not exit as it has to ensure the interest in the development of the NCR land that is on Sarawak Plantation’s books. But other shareholders may exit if the offer is right.
FGV has made known its listing prospectus that 50% of the proceeds were to be used for acquisition of plantation assets in SEA and Africa .
Sarawak Planation has a landbank of 51965ha of which 12914ha are NCR land. Its main attraction is the age profile of its trees. About 10.4% of the trees are in the 16-20 year bracket with 15.5% more than 20 years old. Almost 62% of the trees in the age bracket of four and 15 years.
A new party coming into Sarawak Plantation is not so simple. It is learnt that previous attempts to acquire the company were not approved by the state. Only a GLC can do the deal with Sarawak Plantation because the of the NCR land which belongs to the state cannot go to private companies.


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