Friday, October 21, 2011

Sarawak Plantation

Salcra is understood to be eyeing a 30.3% stake in Sarawak Plantation now held by Cermat Ceria Sdn Bhd.

Cermat Ceria’s shareholders are Tapak Berigin Sdn Bhd (46.2%), Datuk Abdul Hamed (19.9%), Datuk Hasmi (19.7%), Mohamad Bolhair (8.4%) and Perspektif Prestij Sdn Bhd (5.8%). The second largest shareholder is the State Financial Secretary of Sarawak with a 25.4% stake.

Tapak Beringin is close associates of Sarawak Chief Minister Taib Mahmud. Lately, there have been several boardroom changes at Sarawak Plantation, indicating that Tapak Beringin may be letting go of their grip in the company.

There could be a premium for the controlling block.

Sarawak Plantation had a net tangible assets per share of rm1.82.

Although Salcra is a unit of the state government, a MGO may not be triggered.

It is unclear what Salcra has in mind in buying up the controlling block in Sarawak Plantation.

The board of Salcra is made up of mainly state officials, some of whom is close associated to chief minister of Taib.

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