MAXLAND BERHAD
KLSE (MYR): MAXLAND (7123)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
face
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Posted by face > 2018-01-08 21:47 | Report Abuse
December 8, 2017
KOTA KINABALU: Former banker Tan Sri Rashid Hussain is increasing his investment in Priceworth International Berhad, taking up part of a private placement by the integrated timber group.
Priceworth today said Rashid and a local institutional fund are the placees for the private placement of 28.8 million new shares, at 22.5 sen each.
Rashid has taken up 15 million shares, or just over half of the placement, while the local fund has taken the remaining 13.8 million shares, said Priceworth executive director Richard Koo.
In March 2017, Rashid subscribed for 46 million shares as part of an enlarged special issue while his wife Puan Sri Emilahani Yang Mohd Yatim subscribed for 25.88 million shares.
Priceworth is acquiring the 88,820-ha Forest Management Unit No 5 (FMU5) in Sabah’s Trus Madi forest reserve with rights to manage, replant and harvest the area for the next 80 years. Priceworth has proposed to acquire FMU5 for RM260 million through its Singapore subsidiary GSR Pte Ltd, from vendor Transkripsi Pintar Sdn Bhd.
A Singapore Exchange-listing is being planned for GSR, which has also proposed to acquire sister company Sinora Sdn Bhd, which is Priceworth’s plywood manufacturing arm.
In September 2017, Priceworth began harvesting two compartments in FMU5 following approval from the Sabah Forestry Department.
In November, FMU5 was valued at RM448.9 million by an independent valuer, following the Sabah Forestry Department’s approval of the third Forest Management Plan (FMP) for the ten-year period from 2017 to 2027. This fresh valuation is higher than the previous one of RM390 million, as well as purchase price of RM260 million.
The company also announced it secured a cash option which could reduce the purchase price to RM230 million, following a variation agreement with the vendor. The cash option could lower its cost of investment in FMU5, and may enable the group to recoup its investment earlier than anticipated.
https://www.nst.com.my/business/2017/12/312480/rashid-hussain-takes-part-priceworth-private-placement