GREENYIELD GETS SHAREHOLDERS’ NOD TO ACQUIRE PLANTATION LAND IN PAPUA NEW GUINEA
KUALA LUMPUR, 7 July (Bernama) -- Agrotech and horticultural specialist Greenyield Bhd has obtained shareholders approval to acquire a 65 per cent equity interest in Greenyield Rubber Holdings (M) Ltd (GRHM) for RM87.8 million in a related party transation at an extraordinary general meeting (EGM) today.
In a statement, Greenyield said GRHM and its subsidiaries own 15,313 hectares (ha) of plantation land in Papua New Guinea (PNG) comprising 6,450 ha plantable area for rubber of which 3,513 ha are already planted, and 3,613 ha which can be planted with coconuts.
The sellers are Greenyield Holdings Sdn Bhd, Premium Commodities Sdn Bhd, Tham Foo Keong, Tham Foo Choon, Tham Kin-On and Foong Sai Cheong.
Greenyield executive director Tham Kin-On, who is also one of the sellers, said the company is delighted to get shareholders approval for the proposed acquisition and that the group is now one step closer to owning 15,313 ha of plantation land in PNG.
The statement said Greenyield also owns 1,200 ha of rubber estates in Kelantan and it is the group's aim to strengthen its presence upstream.
Hence, this opportunity in PNG is “a rare one" as it would enhance the group’s earnings upstream with a greater source of recurring income and enable crop diversification. The group aims to plant and replant up to 500 ha and 300 ha of rubber and coconut trees, respectively, annually.
-- BERNAMA
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