KUALA LUMPUR: Golden Palm Growers Bhd has appointed financial consultant, Grant Thornton Consulting Sdn Bhd (GTC), to conduct a tender exercise for its estate in Gua Musang, Kelantan, eight months into the year it has to divest the estate.
GTC will be conducting a public tender exercise for a period of six weeks, with a further two weeks to evaluate the tender bids, commencing June 30.
“Due to the confidential and price sensitive nature of such a public tender exercise, the management company will not, during this period, be issuing any statements until the close of the public tender and its bids evaluated,” the company’s management said in a statement.
On Oct 2 last year, 98% of investors of the second oil palm grower scheme to be wound up in four years, 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.
According to one investor contacted by SunBiz in March this year, a letter from the management company in January 2018 said the plantation has been actively promoted to both local and overseas parties and a local estate agency was appointed to promote the sale of the plantation.
The scheme’s management company, tagged the valuation of its 11,000-acre plantation in Gua Musang at RM232.8 million, an increase of RM10.8 million from the valuation that was obtained in June 2017.
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.
Source: The Sun Daily