PINEHILL PACIFIC BERHAD
KLSE (MYR): PINEPAC (1902)
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MoneyShow3
538 posts
Posted by MoneyShow3 > 2019-08-29 18:40 | Report Abuse
On 21 September 2018, subsidiaries of the Company as stated below entered into three separate
conditional sale and purchase agreements (“SPAs”) with United Plantations Berhad to dispose the
plantation assets located in the district of Hilir Perak, Perak, measuring approximately 8,999.13 acres,
for a total cash consideration of RM413,574,302 as detailed out below:
a) 5 parcels of land measuring approximately 7,615.42 acres together with all structures attached to
the land including a palm oil mill, workers’ living quarters and site office owned by Pinehill
Plantations (Malaysia) Sdn Bhd. (“PPM”), a 94.5% owned subsidiary of the Company for a cash
consideration of RM350,301,630;
b) a parcel of land measuring approximately 954.42 acres owned by Syarikat Kaum Melayu Hilir
Perak Sdn Bhd, a wholly owned subsidiary of PPM for a cash consideration of RM43,525,933;
and
c) a parcel of land measuring approximately 429.29 acres owned by Tahir, Rozlan and Tasariff Sdn
Bhd, a 91.33% owned subsidiary of PPM for a cash consideration of RM19,746,739.
The above collectively referred to as “Proposed Disposal”. As at the date of authorisation of these
financial statements, the Proposed Disposal is yet to be completed pending fulfilment of the
conditions precedent of the SPAs.
On 27 December 2018, the Circular to shareholders in relation to the Proposed Disposal was issued to
all shareholders of PinePac.
On 18 January 2019, the shareholders of the Company approved the Proposed Disposal in the
extraordinary general meeting (“EGM”).
On 17 May 2019, both the Company and United Plantations Berhad had mutually agreed to extend the
PPM Conditional Period, SKMP Conditional Period and TRT Conditional Period for a period of 2
months until 21 July 2019 to comply with the PPM Conditions Precedent, SKMP Conditions
Precedent and TRT Conditions Precedent, respectively.
On 11 June 2019, the Company announced that both the Company and United Plantations Berhad had
on 10 Jun 2019 entered into 3 supplemental agreements to the SPAs.
On 3 July 2019, the Board is of the view that the Supplementary Agreements (“SAs”), do not require
shareholders’ approval as the special resolutions in relation to the Proposed Disposal as passed by the
shareholders of the Company during the EGM on 18 January 2019, are adequate for the variation to
the terms of the Proposed Disposal pursuant to the SAs which are in the best interests of the Company
and its shareholders.
On 16 August 2019, the vacant possession was delivered to United Plantations Berhad.