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.
MYR Asset Held for Sale Gain Sale Proceeds 413,574.00 225,032.00 188,542.00 ST Borrowings -126,798.00 Trade AP -51,093.00 Owing to Previous owner &Director -34,292.00 Cash Balance : 201,391.00
Potentially 80M for WC to develop Indonesian plantations
Are you calculating base on nett cash balance? Go figure.. $201m over 149m shares... You think the share price will reflect that? Doubt it'll move much unless a special dividend is declared or the company is taken private
NTA will be increased definitely as the company is the major owners of its subsidiaries that sold the land. Cash proceeds will be owned the company under consolidated accounts. The large Indonesian plantation yields will contribute significantly compared to small Malaysia plantation
The Company has disposed its subsidiaries plantation assets as disclosed in Note 23. The vacant possession was delivered to the Purchaser on 16 Aug 2019. The completion date is expected to occur in 1st quarter of FY2020 upon receiving of sale proceed. Therefore, the current year prospect of the Company is depending on the performance of its oil palm development project in Indonesia subsidiaries which require additional investment for infrastructure to facilitate upkeep and harvesting
The share price shld move to 60sen soon once the confirmation of money receipt and repayment of debts. That would be part of its regularisation plan with additional working capital declared to build up the Indonesian plantations. Good lone term prospects on a younger plantation asset
If you are looking for quick gains then dont touch. Look at its major share holders in Singapore. The deal is done and its only a few months and the money will come. The NTA is about 50sen. Even if its delisted you will get paid. Look more buyers daily then sellers.
The book value for the 8,99.13 Acres was Rm240.046 million. Surplus over the book value is Rm413.574 - Rm240.046 = Rm173.528 million. If divided by its 149.8 million shares, its earning for quarter ending September can be as high as Rm1.15 per share with Net assets increase from 43 sens to Rm1.58.
Should see some movement in share price before the AGM. They will surely have to also revise the NTA end Nov. Expect it to move to 50sen first then higher to reflect all the surplus cash and clean balance sheet position
Next play for AGM and the news following. PLS buy durian plantation share price double, apa lagi it Pinehill with their war chest. With the balance sheet they could also technically issue 1:1 bonus shares and then followed by a rm10sen special dividend repayment
why pastor calvin no tell u all to buy this stock but call u all buy butaland? that buta yap is tidur king dunno how to push up his stock not like this goreng king
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MoneyShow3
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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.